comfortable with 1999 earnings estimates in a range of about $4.65-$5.00 a share.

But estimates that are significantly above $5.00 a share are unrealistic, said Gavin Arton, Exel senior vice president.

Analysts' estimates for 1999 currently are in a range of $4.65-$5.15 a share, according to First Call, a research firm that tracks such forecasts. The consensus for 1999 is $4.97 a share and the bulk of the estimates are about $5.00 a share, First Call said, though there was one estimate at $5.15 a share and another at $5.10 a share.

"We're not talking down estimates,'' Arton said. "But there are one or two who are clearly too high,'' he said.

"I think the estimates that are significantly above $5 are unrealistic at this stage of the cycle,'' he said.

Meanwhile, Arton said he was comfortable with the range of estimates for the fourth quarter of 1998.

The First Call estimates for the fourth quarter were in a range from $1.10-$1.17 a share and the consensus was $1.13.

"We're going to be in the range of estimates. There won't be any major surprises,'' he said of the fourth quarter.

The company is scheduled to report fourth-quarter results late this week.