Upwork price target lowered to $20 from $24 at BTIG

BTIG analyst Marvin Fong lowered the firm’s price target on Upwork (UPWK) to $20 from $24 and keeps a Buy rating on the shares. The company’s Q4 results were mostly better than expected despite some disappointment in enterprise revenue and active client though its outlook was more "mixed" as the Street was aggressively modeling a 16% growth rate for 2023, the analyst tells investors in a research note. The firm is positive longer term however as Upwork shares are trading at a 32% discount to Fiverr (FVRR) on a gross profit basis – a discount that is "excessively large" given the companies have fairly similar outlooks.