JPMorgan (NYSE: JPM) analyst Harlan Sur estimated on Monday, October 19, that the brutal Intel (NASDAQ: INTC) correction that took the stock 36.25% lower from its June high above $140 is nearing its end.

Indeed, the Wall Street analyst upgraded his INTC equity rating from ‘Underweight’ – ‘Sell’ – to ‘Neutral’ – ‘Hold’ – though he retained his previous $85 price target, indicating a minor decline from the latest close at $89.85 remains in the cards for the next 12 months.

According to the note, Harlan Sur’s decision to improve his Intel stock outlook was driven by the depth of the correction by press time,…