Upwork’s Promising Growth and Financial Potential: A Buy Rating Backed by Strategic Initiatives and Financial Strategies

In a report released today, Joshua Chan from UBS maintained a Buy rating on Upwork, with a price target of $24.00.

Joshua Chan has given his Buy rating due to a combination of factors that highlight Upwork’s promising growth trajectory and financial potential. The company’s recent return to positive Gross Services Volume (GSV) growth is a significant indicator of its potential for sustained and potentially accelerating growth. This is further supported by Upwork’s strategic initiatives in AI-driven growth and enterprise expansion, which are expected to contribute significantly to GSV growth, particularly in the latter half of 2026.
Moreover, Upwork’s financial strategies, including margin expansion through increased take rates and top-line leverage, present further opportunities for financial improvement. The company’s free cash flow, which yields around 7% and is being utilized for stock buybacks, is another underappreciated aspect that supports the Buy rating. Additionally, Upwork’s focus on expanding its enterprise market, leveraging its vast talent pool, and targeting a 35% EBITDA margin by 2029, all contribute to a positive outlook for the stock.

In another report released on November 26, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $22.00 price target.

Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of UPWK in relation to earlier this year.