Intel Stock Rises 4% as JPMorgan Ends Nearly Four-Year Underweight Stance

Intel Corporation (NASDAQ: INTC) shares climbed 4.16% to $93.59 in pre-market trading Monday after JPMorgan upgraded the chipmaker from Underweight to Neutral, ending a negative rating maintained since November 2022. JPMorgan analyst Harlan Sur issued the upgrade in a research note Sunday evening, saying Intel’s approximately 36% decline from its June peak had reduced the downside implied by the firm’s unchanged $85 price target. Sur also cited improving execution under CEO Lip-Bu Tan. The target remained approximately 9.2% below the latest pre-market share price. Sur said Intel’s full turnaround would take years but acknowledged that management had made a solid start and that his confidence in its ability to execute was increasing. The pre-market advance put Intel on track to snap a three-session losing streak.

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