Intel stock tests $90 as JPMorgan upgrades rating to Neutral
Intel is trying to stabilize after a steep correction as JPMorgan turns less bearish on the stock. The next test is whether buyers can defend the $85 area before the Fed and earnings add another wave of volatility.
67.35
95.68
JPMorgan upgraded Intel from Underweight to Neutral while keeping its $85 price target unchanged. Analyst Harlan Sur pointed to improving execution under CEO Lip-Bu Tan, particularly in data-center processors and the development of more advanced manufacturing nodes.
The stock has already fallen roughly 36% from its June high, however. In JPMorgan’s view, that decline has left the risk-reward profile looking more balanced than it did earlier in the year.
Losing $90 shifts focus toward the 200-day SMA
Intel failed to hold above the October 15 low at $90.02, invalidating the bullish setup outlined previously.
Attention now moves to support at $85.50 and the 200-day simple moving average, which is sitting near $84.80.
If the stock cannot stabilize back above $90 over the next few sessions, those levels would become the next downside areas to watch.
A recovery above $100 would invalidate the current bearish setup. That would put the 50-day SMA near $103 back in play.
Fed decision and October 29 earnings raise the stakes
The next major macro event is the Federal Reserve meeting on October 27–28. After U.S. annual inflation accelerated to 3.7% in September, investors have become less confident that monetary policy will ease anytime soon.
Both the policy decision and the Fed’s guidance on the rate path could have an outsized impact on technology stocks, particularly after the recent rise in market volatility.
Intel then reports third-quarter results on October 29. Margins, demand for server processors and progress in the foundry business are likely to draw the most attention.
With the Fed decision and Intel earnings arriving just one day apart, the stock could see a sharp increase in volatility into the end of the month.
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