JPMorgan Chase upgraded Intel to neutral from underweight on Monday, Oct. 19, citing growing agentic AI workloads and tight supplies of advanced chips, and the stock ended at $92.03, about 35% below its June 22 record close of $140.94. Intel's second-quarter revenue rose 25% year over year to $16.1 billion, and adjusted EPS of $0.42 lifted the four-quarter total to $1.09, cutting the price-to-earnings ratio to about 84 from nearly 250 at the record. Management guides third-quarter adjusted EPS to $0.38 on revenue of $15.8 billion to $16.8 billion, implying slower growth. The author says the stock is not yet a buy and would want adjusted EPS to climb back above $0.42 before reconsidering; Intel reports third-quarter results on Oct. 29.
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