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.

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.