Analysts upgrade/downgrade Broadcom, Intel, Upstart, and Nebius

Analyst James Foord downgrades Broadcom Inc. (AVGO) despite its OpenAI partnership, citing a premium valuation compared to Nvidia. Nebius Group N.V. (NBIS) also sees a rating reduction following its massive Microsoft contract. Meanwhile, Intel Corp. (INTC) and Upstart Holdings Inc. (UPST) receive positive updates.

September 10, 2025

Analysts have made significant moves in their ratings for several key technology companies, reflecting the evolving landscape of the semiconductor and AI sectors. Broadcom Inc. (AVGO) and Nebius Group N.V. (NBIS) faced downgrades, while Intel Corporation (INTC) and Upstart Holdings Inc. (UPST) received upgrades.

Broadcom Inc. (AVGO) Downgrade

Analyst James Foord downgraded Broadcom Inc. from a Buy to a Sell rating, citing concerns over its premium valuation compared to Nvidia. Despite its strategic partnership with OpenAI, which could accelerate its 2nm node adoption and boost its AI market share from 11% to 24% by 2027, Broadcom now trades at higher multiples than Nvidia despite slower growth and lower profitability [1]. Foord noted that Broadcom's forward PE, forward PEG, and EV/EBITDA multiples are higher than Nvidia's, suggesting that the market may be overvaluing Broadcom.

Nebius Group N.V. (NBIS) Downgrade

The Techie downgraded Nebius Group N.V. from a Buy to a Sell rating, citing stretched valuation multiples that do not align with sector norms. The analyst pointed out that Nebius is trading at a forward price-to-sales ratio of 27.54, compared to a sector median of 3.25, representing a 747% premium. Despite the $17.4 billion Microsoft contract, the analyst believes that the current valuation prices in years of outsized growth, and any delivery delays or margin compression could lead to a re-rating [2].

Intel Corporation (INTC) Upgrade

Analyst Rick Orford upgraded Intel Corporation from a Strong Sell to a Hold rating. The upgrade reflects the U.S. government's $8.9 billion investment in Intel, which provides stability to the chipmaker despite persistent fundamental challenges. Orford noted that the government's stake gives it a roughly 10% ownership, making Intel too important to fail but too troubled to buy [3]. The upgrade highlights the government's role in supporting key industries.

Upstart Holdings Inc. (UPST) Upgrade

Juxtaposed Ideas upgraded Upstart Holdings Inc. from a Hold to a Buy rating. The analyst cited strengthening performance metrics, growing profitability, and accelerating growth as key factors supporting the upgraded rating. The analyst also noted that the company's new uptrend line suggests that it is likely to continue outperforming while being well supported by its current trajectory [3].

These rating changes reflect the dynamic nature of the semiconductor and AI markets, where strategic partnerships and government interventions can significantly impact stock valuations. Investors should carefully consider these factors when evaluating their portfolios.