{"id":54631,"date":"2023-08-29T22:40:58","date_gmt":"2023-08-30T02:40:58","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/btig-cuts-upwork-stock-rating-to-neutral-sees-fair-valuation\/"},"modified":"2023-08-29T22:41:00","modified_gmt":"2023-08-30T02:41:00","slug":"btig-cuts-upwork-stock-rating-to-neutral-sees-fair-valuation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54631","title":{"rendered":"BTIG cuts Upwork stock rating to Neutral, sees fair valuation"},"content":{"rendered":"
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\u00a9 Reuters. BTIG cuts Upwork (UPWK) stock rating to Neutral, sees fair valuation<\/span>
\n<\/i>\n<\/div>\n

BTIG analysts downgraded Upwork <\/span><\/span> (NASDAQ:) stock to Neutral from Buy as they believe the valuation is now more balanced.<\/p>\n

The move comes after BTIG identified UPWK \u201cas one of our top picks entering 2023 as we believed shares had overshot to the downside after a very tough 2022.\u201d<\/p>\n

\u201cWe saw underappreciated catalysts in take-rate growth and margin expansion from tighter expense management. Those catalysts have played out with UPWK making a take rate-accretive changes to the commission structure earlier this year as well slashing its FY23 brand marketing spend,\u201d the analysts wrote in a client note.<\/p>\n

However, they have made a rating revision after the stock rose more than 40% year-to-date.<\/p>\n

\u201cWhile there are arguments for why we think UPWK should enjoy a premium valuation such as its number one position in the space and longer runway for take-rate expansion, we believe UPWK’s valuation adequately reflects those positives and risk-reward is now balanced,\u201d they concluded.<\/p>\n

Shares are down over 2% in pre-open trading.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. BTIG cuts Upwork (UPWK) stock rating to Neutral, sees fair valuation BTIG analysts downgraded Upwork (NASDAQ:) stock to Neutral from Buy as they believe the valuation is now more balanced. The move comes after BTIG identified UPWK \u201cas one of our top picks entering 2023 as we believed shares had overshot to the […]<\/p>\n","protected":false},"author":1,"featured_media":1983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54631","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBTIG cuts Upwork stock rating to Neutral, sees fair valuation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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