Strong fourth quarter and 1997 results from two Nasdaq-listed Irish stocks, CBT Group and Iona Technologies, are likely to lead to an upgrading of forecasts for both high-tech companies.

CBT reported a 71 per cent increase in third quarter revenue to $40 million (£28.4 million) while full-year revenue surged by 61 per cent to $118.6.

"CBT continues to experience strong customer and revenue growth and demand for its COBOL 2000 training product should see this accelerate," Dolmen Securities says, recommending that investors buy on dips.

Iona, which recently listed in Dublin, should also see an upgrade in consensus forecasts after reporting a 129 per cent increase in sales to $48.6 million last year.