** TD Cowen starts coverage on some U.S. auto and auto parts makers in a note dated March 6

** "We expect U.S. auto sales to recover to 16.5 million this year and 17.1 mln next year, keeping U.S. dealer inventory at a reasonable supply" - brokerage

** Says Mexico/Canada tariffs would be "short-lived" and that permanent tariffs would have more "severe implications"

** U.S. President Donald Trump on Wednesday gave carmakers a one-month reprieve from his 25% tariffs on Canada and Mexico

** Starts General Motors GM.N as "top pick" with "buy" rating, PT at $105; Ford F.N with "hold", PT at $10

** Auto parts supplier Aptiv APTV.N as "top supplier pick" with "buy" rating and PT at $90

** "We believe supplier stocks are close to bottoming on lessening revenue mix pressures and bottoming auto production in H2" - brokerage

** YTD, S&P 500 Automobiles industry index .SPLRCAUTO down 32.6%

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))