Roth Capital downgraded Upwork (UPWK) to Neutral from Buy with a price target of $10, down from $23. The company’s Q1 earnings revealed material deterioration in marketplace demand trends beginning in late February, leading to an 8% cut in FY26 revenue guide, the analyst tells investors in a research note. Macro headwinds and AI-driven displacement of low-end contracts outweigh Enterprise AI adoption tailwind, the firm added.
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