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Modem Media (Nasdaq: MMPT) gained 1 7/8 to 14 1/2 Thursday after First Union Securities began coverage of the stock with a buy rating and a 12-month price target of $30.
The firm is looking for the Internet advertiser to post a loss of 8 cents a share for the current fiscal year, followed by net income of 32 cents a share in 2001.
Modem Media saw first-quarter revenue rise 130 percent, powered by strong spending by new and existing customers.
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