Intel Rises as JPMorgan Upgrades the Stock to Neutral

Intel shares climbed about 3% in early-afternoon trading Monday, to near $92.50, after JPMorgan lifted its rating on the chipmaker and pointed to firming demand for artificial-intelligence computing. The move snapped a rough run. Intel closed Friday at $89.85, down 5.8%, the low point of a week that battered technology stocks broadly. The shares had traded higher earlier Monday before paring part of the advance.

The upgrade rests on AI demand and execution

JPMorgan analyst Harlan Sur raised Intel to neutral from underweight, stepping away from a bearish stance the firm had held for years. He kept a price target of $85, which sits below where the stock changed hands Monday. Sur credited improving operations under Chief Executive Lip-Bu Tan and argued that rising demand for AI work, including processor-heavy “agentic” applications, could lift earnings estimates through 2027. A tight supply of leading-edge silicon, he wrote, adds to the case.

The call was measured. Sur still expects Intel to keep losing share in server and PC processors, and he flagged that a turnaround will take time. JPMorgan also noted that Intel’s cash position could force it to raise fresh funding as it rebuilds its manufacturing arm. The firm moved the stock to neutral, not to a buy, and its target implies no upside from Monday’s level. The upgrade followed a decline of nearly 14% in Intel over the prior week.

A 3% bounce against a steep decline

Monday’s gain barely dents the damage. Intel has fallen nearly 15% over the past 30 days and almost 21% over three months. Even after the rebound, the stock sits 34% below its 90-day high of $140.94. Its 52-week range runs from $17.67 to $142.35, a span that captures how turbulent the last year has been. The stock has climbed well off that low over the year, even after the recent pullback. The company’s market value stands at $489 billion.

The weakness last week was sectorwide. Technology stocks had just come through a sharp selloff, as investors questioned how much of the AI buildout is running on borrowed money. Intel began October near $120, and three weeks of selling have erased that ground. The group steadied on Monday. Advanced Micro Devices and Micron Technology each rose about 3% alongside Intel. The broad market leaned higher, with the Nasdaq Composite up 1.2% and the S&P 500 up 0.5%, while a widely watched volatility gauge fell nearly 8%. Friday’s volume in Intel reached 123 million shares, 1.2 times its 20-day average, a measure of how crowded the exit had become before Monday’s reversal.

Earnings land October 29

Intel is scheduled to report third-quarter results on Thursday, October 29, after the close, with a conference call to follow that afternoon. The date is set. That report will test the thesis Sur laid out, from whether data-center chip demand is firming to whether the foundry unit’s heavy spending is bending toward returns. The stock’s path from here rests more on those numbers than on any single rating change.

This is a general-market summary for information only — not investment advice, and not a recommendation regarding any security.