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VerticalNet jumps on Goldman Sachs upgrade

VerticalNet shares moved up 6 13/16, or 13 percent, to 57 15/16 Monday after Goldman Sachs upgraded the stock from a "market outperform" rating to its "recommended list."

Analyst Jamie Friedman also set a 12-month price target of $75 a share saying the company "is emerging as a principal market maker in electronic components."

VerticalNet (Nasdaq: VERT) is scheduled to report its second-quarter results next week.

Last quarter, it easily hurdled analysts' estimates, losing $12.2 million, or 16 cents a share, on sales of $27.5 million.

First Call Corp. consensus expects VerticalNet to lose 30 cents a share in its third quarter and 87 cents a share in the fiscal year.

Its shares stormed up to a 52-week high of 148 3/4 in March after falling to a low of 13 3/4 in August.

Twenty-three of the 24 analysts following the stock rate it either a "buy" or "strong buy."