Upwork price target raised to $16 from $14 at BTIG

BTIG raised the firm’s price target on Upwork (UPWK) to $16 from $14 and keeps a Buy rating on the shares after its Q3 earnings beat. Given that Q3 exceeded the midpoint of the company’s original guidance by about $12M, Q4 guidance could be viewed as either disappointing or conservative, the analyst tells investors in a research note, adding that the outlook also implies little further improvement from “relatively flat” October activity through the end of the year.