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No. of Recommendations: 1

EarthLink (ELNK ): Reiterates 5 STARS (buy)
Analyst: Scott Kessler

EarthLink announced that its Board of Directors approved a 10b-5 plan by which the company's president and CEO, Gary Betty, could sell up to 72,000 shares between September 1, 2004, and August 31, 2005. Sales would be on a monthly basis and subject to Earthlink's share price. As of August 27, 2004, Betty owned securities constituting some 1.9 million shares. Thus, if Betty maximized his sales, he would still retain 96% of his current holdings. We think any weakness in the stock on this news would amount to an enhanced buying opportunity. Our 12-month target price remains $13, based on discounted cash-flow (DCF) analysis.
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