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Fiverr International lifted at Roth MKM on positive survey results, potential AI tailwind

EditorHari G
Published 10/03/2023, 08:28 AM
© PA Images via Reuters Connect Fiverr International (FVRR) lifted at Roth MKM on positive survey results, potential AI tailwind
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Fiverr International (NYSE:FVRR) was lifted to buy from Neutral with an unchanged price target of $33 per share at Roth MKM in a note Tuesday.

Roth MKM analysts told investors in a note that the firm's latest survey was positive for the company, while AI could be a "significant tailwind" to gig sector platforms. They also pointed to the recent stock pullback leading to trough valuation levels and the company's slightly supportive macro trends.

Fiverr shares are currently up more than 2% premarket, trading around the $24.72 mark.

"Based on our latest survey, corporate buyers and freelancers have a slightly more positive outlook on gig platforms vs. May '23 & Jan '23, but the outlook remains below early 2022 levels," the analysts said.

"Fiverr remains preferred among freelancers, and NPS scores among Fiverr buyers have continued to rise. Overall, we continue to prefer Upwork (UPWK-Buy) over the medium-term; however, we now rate FVRR a Buy on current valuation levels, positive freelancer survey observations, and AI- and Enterprise-related improvements," they added.

Focusing on AI, the analysts explained that when they asked business owners how likely they are to hire freelancers offering AI-related services, 13% indicated they already hire freelancers for AI services, and 48% stated they would be highly likely to hire freelancers with AI-related offerings.

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