Upwork price target lowered to $9 from $20 at RBC Capital

RBC Capital lowered the firm’s price target on Upwork (UPWK) to $9 from $20 and keeps a Sector Perform rating on the shares. The company’s Q1 print was a tough one as the rapid expansion of AI’s applications alongside the macro made for the double whammy punch where new enterprise products are on track to roll, but not soon enough or impactful enough to offset the headwinds, the analyst tells investors in a research note.