Intel stock rose more than 4% in premarket trading on October 19, 2026, after JPMorgan upgraded the chipmaker to Neutral from Underweight. Analyst Harlan Sur described the balance of risks and potential rewards as “much more balanced,” while keeping his price target unchanged at $85.
Key Takeaways
- JPMorgan moved to Neutral, not a bullish rating, while leaving its price target unchanged.
- The analyst cited improving execution, but Intel’s CPU market-share losses remain a concern.
- Third-quarter results are scheduled for October 29, with analysts expecting higher revenue and adjusted earnings.
Table of Contents
- Intel stock gains as JPMorgan takes a less negative view
- CPU market-share losses remain a challenge
- October 29 results will test recovery expectations
- Conclusion
Intel stock gains as JPMorgan takes a less negative view
The upgrade reflects a less cautious assessment of Intel rather than an unqualified endorsement of its turnaround. Sur pointed to improvements in client chips, data-center products and manufacturing under Chief Executive Lip-Bu Tan.
JPMorgan also identified opportunities in custom artificial-intelligence chips and tighter supplies of advanced chips. Those opportunities form part of the analyst’s assessment, not confirmed revenue gains or company earnings guidance.
The share-price increase was a premarket move, not a regular-session closing return.
| Item | Details |
|---|---|
| Server CPU sales share | 53%, down from 77%; comparison periods not specified. |
| PC CPU sales share | 68%, down from 81%; comparison periods not specified. |
| Server share change | A decline of 24 percentage points. |
| PC share change | A decline of 13 percentage points. |
CPU market-share losses remain a challenge
Intel’s competitive position remains a counterweight to the improving execution cited by JPMorgan. Its share of server CPU sales fell more sharply than its share of PC CPUs, underscoring the challenge facing its data-center business.
The supplied market-share comparisons do not identify their measurement periods. They show the scale of the reported erosion, but do not establish how quickly it occurred or whether the latest quarter marked a reversal.
October 29 results will test recovery expectations
Intel’s third-quarter earnings schedule confirms that results will be released on October 29, 2026, promptly after the market closes. An earnings conference call will follow at 2 p.m. PDT.
Analysts polled by Refinitiv expected adjusted earnings of $0.40 per share, an increase of more than 74% from a year earlier, and revenue of approximately $16.5 billion, up roughly 21%. These are analyst estimates, not reported results or Intel management guidance.
The release will provide the next financial comparison against those expectations, alongside any management commentary on products, manufacturing and competitive performance.
Conclusion
JPMorgan’s upgrade signals a more balanced view of Intel’s prospects, while leaving competitive concerns unresolved. The next confirmed milestone is the October 29 earnings release and accompanying management call.
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