Last Call: Shares of GATX jump after upgrade

Morgan Keegan & Co. analyst Art Hatfield lifted his rating to "Outperform," or "Buy," from "Market Perform."

Hatfield said the company has a strong financial platform that will allow it to grow through acquisitions or increasing its used or new railcar fleet.

Hatfield noted the combination of lower railcar demand and an expected influx in railcars onto the market have dragged down prices of both new and used railcars. This provides GATX an opportunity to buy up cars at lower prices, he said.

"Over the coming quarters the fundamentals for the railcar manufactures may continue to deteriorate," he said. "However, investors need to recognize this will only increase the attractiveness of potential capital projects for GATX."

He maintained his 2008 and 2009 earnings predictions.

Shares rose $2.83, or 6.2 percent, to $48.52.