Intel (INTC) Stock Jumps Pre-Market After JPMorgan Upgrade Despite Friday Drop

TLDR JPMorgan upgraded Intel (INTC) to Neutral from Underweight with an $85 price target. INTC closed at $89.85 on Friday, down 6%, and is down 36% from its June peak. Intel is still up 143% this year, but a rotation out of chip stocks is weighing on the sector. Analyst views are mixed, with an average Hold rating and a $109.06 consensus target. CEO Lip-Bu Tan bought about $10 million of stock in August at $95 per share. Intel (INTC) closed at $89.85 on Friday, down 6% on the day. The stock has dropped 36% from its June peak. That compares with a 20% to 25% decline for the semiconductor sector. Intel Corp., INTC Even so, the stock is up 143% so far this year.

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