In a report released today, Bernie McTernan from Needham reiterated a Buy rating on Upwork, with a price target of $25.00.
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Bernie McTernan’s rating is based on several key factors that emerged from Upwork’s recent investor day. The company provided better-than-expected guidance for Gross Services Volume (GSV) acceleration, which is being driven by the positive impact of artificial intelligence on their marketplace. Additionally, Upwork is seeing growth in their marketing efforts and new strategies targeting small to medium-sized businesses and enterprise clients.
Despite some investor concerns about potential challenges from AI, McTernan sees significant upside potential if Upwork’s management can meet their new targets. Achieving these goals is expected to lead to increased estimates and a positive re-evaluation of the stock’s value. This potential for growth and positive re-rating underpins McTernan’s Buy recommendation for Upwork’s stock.
In another report released on November 5, Roth MKM also maintained a Buy rating on the stock with a $22.00 price target.