Fly News Breaks for February 27, 2020
Feb 27, 2020 | 07:39 EDT
BTIG analyst Marvin Fong lowered the firm's price target on Upwork to $14 from $20 but keeps a Buy rating on the shares. The analyst notes that the company's below-consensus guidance was not surprising as it looks to rebuild momentum in marketplace growth and given the expected departure of CEO Stephanie Kasriel. Fong adds however that valuation on Upwork remains "compelling", with the current price embedding a multiple of 3.-times expected gross profit, even with its lowered FY20 estimates.
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