Upwork dips as BTIG cuts to 'neutral' on tariff and AI risks

Shares of freelancing platform Upwork UPWK.O fall 5.5% to $11.85

Brokerage BTIG downgrades UPWK to "neutral" from "buy"; maintains PT of $18

Says "fundamentals look primed to take another leg down"

Brokerage says UPWK relies heavily on international markets, which drove 81% of its 2024 revenue growth

Says co's 2025 sales could fall 6-7% post tariffs; says co will still maintain "healthy EBITDA levels"

Economic downturn could accelerate AI replacing freelancers as "nearly 90% of automation-related job losses occur in the first year of a recession" - BTIG

As of last close, stock down 23.4% YTD