Citizens JMP raises Upwork stock price target to $27 on Lifted potential

Investing.com - Citizens JMP has raised its price target on Upwork Inc. (NASDAQ:UPWK) to $27.00 from $20.00 while maintaining a Market Outperform rating on the freelance marketplace company. The stock has demonstrated remarkable momentum, delivering an 84.6% return over the past year, with current trading levels near its 52-week high of $20.41.

The firm cited Upwork’s new enterprise platform, Lifted, as having "the potential to materially expand its enterprise offering over the next several years" by bringing critical capabilities in-house to better compete with traditional staffing firms.

Citizens JMP views Lifted, a wholly owned subsidiary built on the acquisitions of Bubty and Ascen, as a "multi-year growth catalyst" that can accelerate Gross Services Value (GSV) independent of any improvement in the macroeconomic environment.

The research firm identified multiple catalysts for GSV and revenue growth that are not dependent on macroeconomic conditions, including the rollout of Upwork’s new variable freelancer fee, the launch of Lifted, rising demand for AI-related work, AI-driven marketplace enhancements, and sustained momentum in advertising and monetization tools.

Citizens JMP noted that these catalysts "appear to be already having an impact," with Upwork recently indicating that GSV has returned to growth, which combined with ongoing cost discipline provides visibility to potential upside in both revenue and profitability.

In other recent news, Upwork Inc. reported its Q2 2025 earnings, surpassing the company’s guidance for revenue, adjusted EBITDA, and adjusted EPS. Goldman Sachs responded by lowering its price target to $24 from $25 while maintaining a Buy rating, citing the positive impact of AI features on client activity and spend per active client. Meanwhile, UBS raised its price target for Upwork to $21 from $16, maintaining a Neutral rating due to expectations of an inflection point in Gross Services Value (GSV) after a series of declines. JMP Securities reiterated its Market Outperform rating with a $20 price target, highlighting ongoing catalysts for GSV and revenue growth. Additionally, Upwork’s board authorized a new $100 million share repurchase program, the company’s third since November 2023. The repurchase program will be carried out through various transactions without a set expiration date. In leadership news, Upwork appointed Anthony Kappus as its first chief operating officer, effective September 2. Kappus brings experience from Redfin, where he led digital revenue and corporate development.

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