Closely Watched Trains At Gatx

If GATX, a major lessor of railroad cars, doesn't watch out, warns investment manager Ed Wachenheim III, some financial giant may latch on to it. Wachenheim, president of Greenhaven Associates in Purchase, N.Y., thinks that the stock of GATX (GMT), which has dropped to 37, from 47 in mid-July, is way underpriced and worth 65, or 20 times his 1999 earnings estimate of $3.25 a share. At its current price, the stock's price-earnings ratio is only 11.

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