America Online: Has It Peaked?

America Online (AMER) has been one the Street's hot stocks this year. At 61, AOL has a market cap of nearly $4 billion and trades at a monumental 70 times estimated 1996 earnings. But watch out. AOL may have peaked at 74 1/2 in mid-August--and has slipped since. Some bears say there's more sliding ahead. They think the stock is headed down to the 20s within a year.

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