Upwork upgraded to Buy from Neutral at UBS

UBS analyst Joshua Chan upgraded Upwork (UPWK) to Buy from Neutral with an unchanged price target of $21. The company is positioned to return to positive services volume growth over the next two quarters given better web traffic data in recent months and an ongoing shift toward higher-value services, the analyst tells investors in a research note. UBS believes this growth inflection after five quarters of declines could be a positive catalyst for shares. Further, Upwork’s improved free cash flow underappreciated, as its buybacks are reducing share count for the first time in its public history, adds the firm.