Goldman Sachs raised its estimates on Inforte (INFT).
Analyst Gregory Gould says he raised his nine cents 2002 earnings per share estimate to 10 cents due to the consulting services firm's new fourth-quarter guidance of breakeven to four cents earnings per share. He notes the company indicated fourth quarter revenues would be $8.5 million to 9.5 million, up from his $8 million estimate.
Gould says, consistent with his prior commentary, it appears that overall industry demand and pricing trends generally are stable, but are not yet showing signs of sustained improvement. While he's encouraged by better fourth quarter performance, he notes that visibility and his confidence in estimates remain low due to the macro environment, which may keep Inforte's stock range-bound. Gould maintains his underperform rating.