al n rte n I- d e tc i tr s Re CORE U.S. Autos EW: Equal Weight; UW: Underweight; RS: Rating Suspended Industry View: Pos: Positive; Neu: Neutral; Neg: Negative 2019, a year of earnings cuts and re-ratings 2019 was a year characterized by consistent negative earnings revisions, and a fluctuation in valuation multiples as investors continued to debate the likelihood of the auto cycle turning in the next 12-24 months. In large part driven by the continued erosion in Chinese car sales (and without
