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

Canaccord analyst Maria Ripps raised the firm’s price target on Upwork (UPWK) to $24 from $22 and keeps a Buy rating on the shares. The firm attended the company’s investor day wherein much of the discussion centered around AI and its potential impact on the platform. Management addressed one of the key investor concerns about AI pressuring the job market and freelancer demand head on, providing compelling evidence that ongoing efforts to create a more AI-native marketplace are driving incremental GSV gains, and that demand for AI-specialized talent is growing as AI is increasingly embedded into daily workflows.