Market News
Upwork's (UPWK) position among the top NASDAQ stocks with low P/E ratios continues to strengthen. On September 24, Citizens JMP reaffirmed its Market Outperform rating on Upwork Inc. (NASDAQ:UPWK) and raised its price target from $20 to $27.
The firm highlighted Upwork’s newly launched enterprise platform, Lifted, as a significant growth catalyst. Lifted, which is a fully owned subsidiary formed through the acquisitions of Bubty and Ascen, is poised to enhance Upwork’s enterprise capabilities and expand its Gross Services Value (GSV) over the coming years.
Citizens JMP views Lifted as a “multi-year growth catalyst” that can positively impact GSV, irrespective of macroeconomic fluctuations. Additionally, the firm identified several other factors that can drive GSV and revenue growth, such as the introduction of a new variable freelancer fee, the rising demand for AI-related work, advancements in AI-driven marketplaces, and ongoing improvements in advertising and monetization tools.
As a communication services company, Upwork Inc. (NASDAQ:UPWK) operates a global freelancing platform that connects businesses with freelancers and agencies. While the potential for UPWK as an investment is acknowledged, some analysts believe that certain AI stocks may offer greater upside potential with reduced downside risk. For those interested in undervalued AI stocks benefiting from recent economic trends, consider checking out our free report on the best short-term AI stock.