JPMorgan (NYSE: JPM) analyst Harlan Sur estimated on Monday, October 19, that the brutal Intel (NASDAQ: INTC) correction that took the stock 36.25% lower from its June high above $140 is nearing its end.
Indeed, the Wall Street analyst upgraded his INTC equity rating from ‘Underweight’ – ‘Sell’ – to ‘Neutral’ – ‘Hold’ – though he retained his previous $85 price target, indicating a minor decline from the latest close at $89.85 remains in the cards for the next 12 months.
According to the note, Harlan Sur’s decision to improve his Intel stock outlook was driven by the depth of the correction by press time, as well as the appointment of CEO Lip-Bu Tan, who is estimated to have improved the firm’s execution and competitiveness in its core data center compute market.
Likewise, JPMorgan estimates the blue-chip semiconductor giant’s next-generation manufacturing has also improved substantially.
Analysts predict Intel stock price in the next 12 months
Meanwhile, despite being an upgrade, the most recent Intel stock forecast remains well below the Wall Street average.
Indeed, based on all notes issued within the last three months, INTC shares are expected to rally 26.92% to $114.04 within the next 12 months, per the data Finbold retrieved from TipRanks on October 19.
The rating is, however, in line with the consensus. Intel stock is considered a ‘Hold’ overall, with six ‘Buy’, twenty-three ‘Neutral’, and one ‘Sell’ recommendation.
Intel stock price performance
Lastly, the high average price target is arguably the result of the severity of INTC equity’s latest drop.
Specifically, after starting 2026 at $39.38, Intel stock soared 257.90% to above $140 by late June and then suffered a severe reversal before recovering somewhat to roughly $127 between late August and late September.
The most recent three weeks then brought one of the sharpest downturns the equity has faced. Intel shares are, at their latest closing price of $89.85, 29.47% down from the September 23 temporary high and have crashed 25.27% since October started.
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