Upwork price target lowered to $22 from $24 at Canaccord

Canaccord analyst Maria Ripps lowered the firm’s price target on Upwork (UPWK) to $22 from $24 and keeps a Buy rating on the shares. The firm said they reported stable Q4 results, with GSV, revenue, and adj. EBITDA coming in modestly ahead of expectations. While active clients came in softer than expected, churn reached its lowest level in over eight quarters, which, coupled with top of funnel investments, is expected to help the company return to sequential client growth in Q1.