JPMorgan upgraded Intel from “underweight” to “neutral,” but left its $85 price target unchanged. That’s not a bullish signal.
Here’s what happened: JPMorgan analyst Harlan Sur upgraded the stock on Monday, but didn’t budge his $85 price target by a cent.
The reasoning is straightforward: the stock has fallen about 37% from its June 30 high of $142.35 to last Friday’s close of $89.85, bringing it close to his target price.
In just the past week, INTC fell from $104.70 to $89.85, a drop of more than 14%.
At 9 p.m. Beijing time, INTC was trading around $93.80 premarket, up about 4.4%. AMD was also up about 3.9% premarket.
Intel will report third-quarter results after the U.S. market closes on October 29. The market expects earnings per share of $0.40 and revenue of about $16.5 billion.
I think this upgrade is more like “we’re no longer saying sell” than “we’re starting to say buy.” The 4% premarket jump looks like the market is treating a neutral rating as good news.
What matters more is that $85 sits right around the 200-day moving average of $84.56—that’s the real dividing line between bulls and bears.
My approach: watch, don’t chase; don’t gamble ahead of earnings. I’d only start talking about a trend reversal if it closes back above the 60-day moving average near $101.
What would invalidate that view: a break below $85 and the 200-day moving average. That would mean the stock can’t even hold JPMorgan’s price target, and I’d be even less inclined to catch a falling knife.
Do you think this upgrade signals that Intel has bottomed, or is it just a convenient change of tune after the stock has fallen enough?
$INTC $AMD
#CFTC推进RegCAM自愿监管框架
Here’s what happened: JPMorgan analyst Harlan Sur upgraded the stock on Monday, but didn’t budge his $85 price target by a cent.
The reasoning is straightforward: the stock has fallen about 37% from its June 30 high of $142.35 to last Friday’s close of $89.85, bringing it close to his target price.
In just the past week, INTC fell from $104.70 to $89.85, a drop of more than 14%.
At 9 p.m. Beijing time, INTC was trading around $93.80 premarket, up about 4.4%. AMD was also up about 3.9% premarket.
Intel will report third-quarter results after the U.S. market closes on October 29. The market expects earnings per share of $0.40 and revenue of about $16.5 billion.
I think this upgrade is more like “we’re no longer saying sell” than “we’re starting to say buy.” The 4% premarket jump looks like the market is treating a neutral rating as good news.
What matters more is that $85 sits right around the 200-day moving average of $84.56—that’s the real dividing line between bulls and bears.
My approach: watch, don’t chase; don’t gamble ahead of earnings. I’d only start talking about a trend reversal if it closes back above the 60-day moving average near $101.
What would invalidate that view: a break below $85 and the 200-day moving average. That would mean the stock can’t even hold JPMorgan’s price target, and I’d be even less inclined to catch a falling knife.
Do you think this upgrade signals that Intel has bottomed, or is it just a convenient change of tune after the stock has fallen enough?
$INTC $AMD
#CFTC推进RegCAM自愿监管框架