Upwork's (UPWK) Lifted Subsidiary Seen as Major Growth Catalyst by Citizens JMP

Upwork Inc. (NASDAQ:UPWK) ranks among the top NASDAQ stocks with low P/E ratios. On September 24, Citizens JMP maintained its Market Outperform rating on Upwork Inc. (NASDAQ:UPWK) and increased its price target from $20 to $27. In order to effectively compete with established staffing firms, the company pointed to Upwork’s new enterprise platform, Lifted, which has “the potential to materially expand its enterprise offering over the next several years” by bringing crucial capabilities in-house.

Lifted, a fully owned subsidiary formed by the acquisitions of Bubty and Ascen, is seen by Citizens JMP as a “multi-year growth catalyst” that has the ability to boost Gross Services Value (GSV) regardless of any change in the macroeconomic climate.

Beyond Lifted, the firm found a number of factors that drive GSV and revenue growth independent of macroeconomic conditions, including the introduction of Upwork’s new variable freelancer fee, the increase in demand for AI-related work, the development of AI-driven marketplaces, and the steady advancement of advertising and monetization tools.

Upwork Inc. (NASDAQ:UPWK) is a communication services company that runs a global freelancing platform, connecting businesses with individuals and agencies.

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Disclosure: None. This article is originally published at Insider Monkey.