Golden Vale's share price is at last emerging from the doldrums and has been one of the top performers on the stock exchange this year. The latest sign of the market's more favourable attitude to the Cork-based company is Goodbody's decision to upgrade its 1997 and 1998 forecasts to reflect what it sees as a sea-change in the company in recent times.

It is now forecasting 13 per cent earnings growth over the next two years and believes this may be conservative. It says the shares have potential to make further progress and are recommended for longer term appreciation.

The broker notes that there has been a big improvement in Golden Vale's cheese operations as the cheese snacks business in particular performed better than expected.