Analyst George Salem of Gerard Klauer Mattison & Co. Monday raised his earnings estimates on Chase Manhattan Corp. and reiterated his "buy" rating, arguing the shares are undervalued in comparison to its peers.

Mr. Salem, who raised his 1998 earnings estimate to $10.20 a share, from $10, said Chase's price-to-earnings ratio was 20% less than the average for its peers, and investors could profit as the gap narrows. Chase's stock price fell 37.5 cents Monday, during a broad market decline, to close at $88.75.

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