diff --git a/src/honey/sql.cljc b/src/honey/sql.cljc
index 02e1989..1987759 100644
--- a/src/honey/sql.cljc
+++ b/src/honey/sql.cljc
@@ -902,15 +902,15 @@
                 [sets & set-params]
                 (if (map? fields)
                   (format-set-exprs k fields)
-                  [(str/join ", "
-                             (map (fn [e]
-                                    (let [e (format-entity e {:drop-ns true})]
-                                      (str e " = EXCLUDED." e)))
-                                  fields))])
+                  [(str (sql-kw k) " "
+                        (str/join ", "
+                                  (map (fn [e]
+                                         (let [e (format-entity e {:drop-ns true})]
+                                           (str e " = EXCLUDED." e)))
+                                       fields)))])
                 where (or (:where x) ('where x))
                 [sql & params] (when where (format-dsl {:where where}))]
-            (-> [(str (sql-kw k) " " sets
-                      (when sql (str " " sql)))]
+            (-> [(str sets (when sql (str " " sql)))]
                 (into set-params)
                 (into params)))
           (format-set-exprs k x))
diff --git a/test/honey/sql/postgres_test.cljc b/test/honey/sql/postgres_test.cljc
index c6ff2b8..56fc1a5 100644
--- a/test/honey/sql/postgres_test.cljc
+++ b/test/honey/sql/postgres_test.cljc
@@ -93,14 +93,14 @@
                (upsert (-> (on-conflict (on-constraint :distributors_pkey))
                            do-nothing))
                sql/format)))
-    (is (= ["INSERT INTO foo (id, data) VALUES (?, ?) ON CONFLICT (id) DO UPDATE SET DO UPDATE SET into = ((STATE(?), MODIFIED(NOW()))) WHERE state = ?" 1 42 "enabled" "disabled"]
+    (is (= ["INSERT INTO foo (id, data) VALUES (?, ?) ON CONFLICT (id) DO UPDATE SET into = ((STATE(?), MODIFIED(NOW()))) WHERE state = ?" 1 42 "enabled" "disabled"]
            (sql/format (-> (insert-into :foo)
                            (values [{:id 1 :data 42}])
                            (upsert (-> (on-conflict :id)
                                        (do-update-set [:state "enabled"]
                                                       [:modified [:now]])
                                        (where [:= :state "disabled"])))))))
-    (is (= ["INSERT INTO foo (id, data) VALUES (?, ?) ON CONFLICT (id) DO UPDATE SET DO UPDATE SET state = ?, modified = NOW() WHERE state = ?" 1 42 "enabled" "disabled"]
+    (is (= ["INSERT INTO foo (id, data) VALUES (?, ?) ON CONFLICT (id) DO UPDATE SET state = ?, modified = NOW() WHERE state = ?" 1 42 "enabled" "disabled"]
            (sql/format (-> (insert-into :foo)
                            (values [{:id 1 :data 42}])
                            (upsert (-> (on-conflict :id)