NEW YORK (TheStreet) -- Shares of Intel (INTC) are now up 8.61% to $34.44 as the stock hovers near decade highs, after the chipmaker forecast quarterly revenue above analysts' estimates on demand from companies looking to replace old PCs, Reuters reports.
At least 19 brokerages raised their price targets on the stock to $29-$45, while two brokerages raised their ratings to an equivalent of "buy," Reuters noted.
That follows Intel's forecast yesterday of third quarter revenue above the average analyst estimate.
Intel CFO Stacy Smith told Reuters that PC sales had stabilized, easing fears about the four-year decline in computer sales as consumers turn increasingly to tablets and smartphones.
The company also raised its share buyback program by $20 billion.
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."