Upwork price target raised to $27 from $20 at Citizens JMP

Citizens JMP raised the firm’s price target on Upwork (UPWK) to $27 from $20 and keeps an Outperform rating on the shares. Upwork’s new enterprise platform, Lifted, has the potential to materially expand its enterprise offering over the next several years by bringing critical capabilities in house to better compete with traditional staffing firms, the analyst tells investors in a research note. The firm continues to see multiple catalysts for gross services volume and revenue growth that are not macro dependent, including the rollout of its new variable freelancer fee.