The latest analyst calls pulled in opposite directions. JPMorgan upgraded Intel on 19 October 2026, Loop Capital downgraded Apple on 21 October 2026, and Oppenheimer upgraded Zoom to Outperform with a $130 target.
This piece explains what each firm said and why, using Seeking Alpha’s weekly roundup as the starting point and checking the details against other reports.
Key takeaways
- JPMorgan moved Intel to Neutral from Underweight, ending a negative stance held since November 2022.
- Loop Capital cut Apple to Hold from Buy and lowered its target to $330 from $370.
- Oppenheimer raised Zoom to Outperform, with a $130 target.
- Ratings are opinions. They show how analysts read the numbers, not what a stock will do.
Why did JPMorgan upgrade Intel?
JPMorgan analyst Harlan Sur raised Intel to Neutral from Underweight on 19 October 2026. He credited better execution under CEO Lip-Bu Tan and rising demand for processors from AI workloads, according to TIKR.
Sur wrote that “a very tight supply chain for leading-edge silicon should drive continued positive EPS revisions.” EPS means earnings per share. Reports also say the shares had fallen about 36% from their June peak, which shrank the downside implied by JPMorgan’s $85 target.
Neutral is not a cheer. Sur reportedly said a full turnaround would take years. Intel’s next quarterly results were reported as due on 29 October 2026.
Why did Loop Capital downgrade Apple?
Loop Capital’s Ananda Baruah cut Apple to Hold from Buy on 21 October 2026. His supply-chain checks suggest Apple has no plans to recover 13 million iPhone shipments cut in the second half of 2026, as Apple World Today reported.
Loop models 79 million iPhones for the December quarter, against 85 million expected by the Street. It also cut its average selling price estimate to $1,123 from $1,239 and trimmed its calendar 2027 iPhone revenue forecast to $285 billion from $315 billion.
Loop is the outlier. Evercore ISI, JPMorgan, Bank of America and Citi kept bullish ratings on Apple in October 2026, per aggregator reports. Apple shares closed at $343.46 on 16 October 2026, just under their 52-week high of $348.15.
What did Oppenheimer see in Zoom?
Oppenheimer’s Timothy Horan upgraded Zoom to Outperform from Perform with a $130 target. The reason is growing confidence in Zoom’s shift from video meetings to a broader AI communications and workflow platform.
Other firms are more cautious. StreetInsider listed an average 12-month target of about $113 and a Neutral overall rating when last checked in August 2026.
What were the other analyst calls?
| Company | Firm | Move | Main reason |
|---|---|---|---|
| Intel | JPMorgan | Upgrade to Neutral | Execution, AI CPU demand |
| Apple | Loop Capital | Downgrade to Hold | iPhone shipment cut |
| Zoom | Oppenheimer | Upgrade to Outperform, $130 | AI platform shift |
| Alcoa | Argus | Downgrade to Hold | Aluminum prices near multi-month lows |
| Nvidia | Seaport Research | Reiterated Sell | Mounting competition |
| Accenture | Baird | Downgrade to Neutral, target $252 | Stock nearly doubled since June |
| Akamai | Raymond James | Upgrade to Strong Buy | Revenue from Anthropic deal |
On Nvidia, Seaport sees its financing bundles as a reaction to competition. We covered that angle in Nvidia’s AI financier role. For the wider selloff, see why credit, not demand, sank chip stocks.
How should you read analyst calls?
Think of an analyst as a weather forecaster, not a referee. A forecast is useful, but it can be wrong and often follows the move it describes.
My opinion: the reasoning matters more than the label. Loop’s Apple note rests on a specific, checkable claim about shipments. JPMorgan’s Intel note rests on an observable change in execution.
What happens next
Intel reports quarterly results on 29 October 2026, which will test JPMorgan’s view on earnings revisions. Apple’s next report will show whether the shipment cut is real. Zoom’s next report will show whether the AI platform story shows up in revenue.
FAQ
What does a downgrade to Hold mean?
It means the analyst expects the stock to perform roughly in line with the market, rather than beat it.
Why do analysts disagree on Apple?
Most use different supply-chain data and assumptions about iPhone volumes and pricing. Loop expects fewer units and lower prices than the Street.
Is Intel now a favorite on Wall Street?
No. JPMorgan moved only to Neutral, and it said a full turnaround would take years.
Next step: before reacting to any rating change, read the analyst’s reasons and check them against the company’s next earnings report.
This article is for information only and is not investment advice.
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