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To: Dale Baker who wrote (35105)	10/7/2003 12:27:50 PM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

12:12 ET LFL Lan Chile S.A. started with a Buy at Smith Barney; target $22 (13.00 +0.18) Smith Barney initiates coverage with a Buy rating and $22 target; firm says the stock is trading at multiples that are well below pre-Sept 11 historical avgs and thinks these depressed levels are not justified; in addition, firm believes the co's network of hubs along the Chile-U.S. corridor affords the co multiple rev-generating opportunities and high utilization rates, and believes a gradual recovery of the Brazilian/Argentine consumer import mkts is a source of potential upside; however, firm also notes that LFL's operating leverage is high and its trading liquidity is low. (Briefing.com note: see our Sept 11 New High Profile for more info on this stock.)