According to CNBC, Macquarie Equity Research upgraded Broadcom to outperform from neutral and raised its price target to $490 from $437, implying 33% upside from Wednesday's close. Analyst Arthur Lai said concerns that Google could eventually insource work have likely already been reflected in the stock after the July correction. Broadcom has worked with Google for several years on custom Tensor Processing Units, but investors have worried about the durability of that relationship as Google signs deals with other chipmakers such as Marvell Technology and explores in-house chips for artificial intelligence initiatives. Broadcom shares have fallen 23% over the past three months and dropped nearly 4% in extended trading on Thursday, even after the company reported better-than-expected fiscal third-quarter results and issued a positive forecast for its next fiscal year. Lai also cited a better-than-expected AI capex plan, a new customer win on AI accelerators and market share changes in AI ASIC projects as potential near-term catalysts. LSEG data shows 47 of 51 firms covering Broadcom rate the stock buy or strong buy.