Shares of freelancing services platform Upwork (NASDAQ: UPWK) popped after receiving an upgrade to buy from Citigroup this morning. Upwork stock is trading up 9.7% as of 11:15 a.m. EST.
In addition to the upgrade, Citigroup ratcheted its price target on Upwork shares 50% higher — to $48 a share, reports StreetInsider.com. Freelance work is transitioning online, explains the analyst, and while it’s hard for Citi to say precisely how large this market will get, Citi notes that Upwork has already delivered “two consecutive quarters of better than expected results,” and the analyst predicts even “better growth in 2021 and beyond” as the company shifts its focus to marketing freelance work to larger enterprise clients.
Citi seems especially intrigued by Upwork’s idea of creating a “project catalog” that will help its buyers fill their advertised gigs faster.