NEW YORK (TheStreet) -- Shares of Intel Corp.  (INTC) are surging 5.14% to $33.34 in pre-market trading on Wednesday after several financial firms upgraded its rating or price target following the chip maker's move to raise guidance for third quarter, and second quarter profit rose 40% from last year helped by higher revenue and improved margins.

Intel also added $20 billion to its stock repurchase program, including $4 billion planned for the third quarter.

This morning UBS (UBS) upgraded Intel to "buy" from "neutral" and raised its price target to $37.50 from $30.

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Piper Jaffray  (PJC) kept its"overweight" rating and raised its price target to $37 from $31.

Jefferies (JEF) raised its price target to $45 from $40 and maintained its "buy" rating.

Deutsche Bank (DB) raised its price target to $40 from $35 and reiterated its "buy" rating.

Separately, TheStreet Ratings team rates INTEL CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate INTEL CORP (INTC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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