Benzinga | Dec 17, 2021 02:46PM EST

Canaccord Is Bullish On Upwork, Sees 32% Upside

* Canaccord analyst Maria Ripps initiated Upwork Inc (NASDAQ:UPWK) with a Buy rating and a price target of $45, implying an upside of 32.5%.

* The analyst says Upwork's freelancer marketplace maintains the leading market share on a gross services value basis, and this "strong foundation" is boosted by a growing emphasis on larger Enterprise clients, product innovation, and brand investments.

* Ripps expects the company to continue to "cement its leadership position," supporting a long runway for growth and margin expansion.

* Recently, the company made several important appointments in its product & experience and engineering organizations, catalyzing R&D momentum and setting the company up for success along with an accelerated roadmap in 2022.

* Price Action: UPWK shares are trading higher by 7.31% at $34.05 on the last check Friday.