Upwork price target lowered to $13 from $20 at Piper Sandler

Piper Sandler analyst Matt Farrell lowered the firm’s price target on Upwork to $13 from $20 and keeps an Overweight rating on the shares. The firm notes Upwork lowered its full-year revenue outlook by roughly 5% on the back of macro-related headwinds. The company started to see slower top of funnel trends in May that have now continued into July, with the updated guidance assuming no improvement through the second half. Specifically, it appears larger organizations are generating lower demand, driving down GSV per client, Piper adds. However, despite the lower top-line, Upwork maintained its adjusted EBITDA outlook for the year, as it maintains cost discipline.