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No it is no longer produced. You can get lucky and find one nicely preowned. They are producing a 340PD which is a .38/357, and scandium frame with titanium cylinder. So the 342 pd was kind of the answer with no question.
 

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They do make the 15oz .38+p. I know, it's 4oz more than the 342 but still pretty nice. Try model 442 and 642 for a lightweight .38 (MSRP $600)
 
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