巴克莱-美股-汽车与零部件行业-美国汽车与零部件Q4租金：行业状况改善，风险下降-2018.2.16-31页

EquityResearch16February2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE23.U.S.Autos&AutoPartsRentals4Q:industryconditionssupportive,butrisktodownsideRisktothedownsideforrentalstocks:Headinginto4QEPSforCARandHTZ,wenetnetseerisktothedownside.True,industryconditionsseemsupportive(atleastfornow),andthestockshavecorrectedafairamountrecently.However,’18estimatesneedtocomedownforbothstocks(HTZespecially),valuationisstillelevated,andadeclineinshortinterestmeanstheremaynotbemuchmoreu