BTIG lowered the firm’s price target on Upwork to $14 from $16 and keeps a Buy rating on the shares after its Q2 earnings beat and guidance raise. The company delivered reasonably solid 2Q24 results, but the sluggish hiring market finally caught up with Upwork as it meaningfully cut its revenue expectations for the second half of the year, the analyst tells investors in a research note. While the firm has been bracing for muted guidance, the cut to Gross Services Volume guidance is more than had been expected, BTIG added.
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