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Dynamics of laser with time-variable delayed feedback is analyzed in the neighborhood of the equilibrium. For the system, averaged over a rapidly variable, we obtain parameters at which the stationary state is stable. Stabilization of the stationary state due to modulation of the delay can be successful (unsuccessful) in domains adjacent to super (sub-) critical Hopf bifurcation boundaries. In a vicinity of the bifurcation points, stable and unstable periodic solutions are asymptotically described in dependence on the modulation frequency. [ABSTRACT FROM AUTHOR]