Coverage on GATX Corporation (NYSE: GATX) was initiated by CLSA with an Underperform rating and $45 price target.
CLSA cited weak industry fundamentals that are "likely to deteriorate further over several quarters as slow freight traffic and an oversupply of railcars negatively impact lease rates" as a reason for the rating.
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GATX's OEM backlog remains higher than prior peak levels, indicating that the already oversupplied market will become even more supplied.
Despite the less than stellar rating, GATX responded with a 2.2 percent gain Friday, closing at $44.55.