Upwork downgraded to Market Perform from Outperform at Citizens

Citizens downgraded Upwork (UPWK) to Market Perform from Outperform without a price target UBS and Canaccord also downgraded the shares this morning. Citizens says accelerating AI model improvements are disrupting an expanding portion of Upwork’s marketplace. Upwork’s Q2 revenue guidance implies negative 2.5% year-over-year growth at the midpoint, and the company lowered its full-year revenue outlook by 8%, implying negative 2% growth at the midpoint, the analyst tells investors in a research note.