Goldman Sachs raised the firm’s price target on Upwork to $20 from $19 and keeps a Buy rating on the shares. Ahead of the Q4 earnings season, the analyst updated operating estimates and valuations across the firm’s small and mid-cap internet group. Looking to 2024, Goldman sees the potential for returns to be driven by stock-picking based on idiosyncratic fundamentals, as opposed to the bifurcation seen in 2023 where mega-cap names as a group outperformed the rest of the space.
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