Needham Reiterates Buy Rating on Upwork Inc. (UPWK)

Needham analyst Bernie McTernan reiterated a Buy rating and $25.00 price target on Upwork Inc. (NASDAQ: UPWK).

The analyst comments "We reiterate our Buy rating and $25 PT following 4Q earnings. Overall, our '26E estimates are only changing slightly, but imply a steeper ramp in the second half than we previously anticipated for Marketplace GSV growth and adj. EBITDA. That being said, UPWK appears well positioned to benefit from a variety of growth levers including business plus scaling, higher value clients ramping up spend in the marketplace, the new enterprise platform launching and growth in AI categories, which was $300M of annualized spend in 4Q, growing 50% YoY. We still think there is potentially significant upside in shares if the company is able to execute against its multi-year targets provided at the recent investor day. Our PT is ~10x '27 EBITDA and represents significant upside from where shares are trading in the after hours the night of earnings."

For an analyst ratings summary and ratings history on Upwork Inc. click here. For more ratings news on Upwork Inc. click here.

Shares of Upwork Inc. closed at $18.79 yesterday.

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