UPDATE 1-Barclays sees Toyota rivals gaining market share

* Sees Toyota U.S. sales down in January

* Still sees U.S. 2010 auto sales at 11.7 mln vehicles

DETROIT Jan 29 (Reuters) - Toyota Motor Corp's (7203.T) sales suspension will help competitors gain market share in the near term, particularly General Motors Co [GM.UL], Honda Motor Co (7267.T), Ford Motor Co (F.N), Nissan Motor Co (7201.T) and Hyundai Corp (011760.KS), Barclays Capital said in a research note issued on Friday.

Barclays also sees January U.S. light vehicle auto sales at 10.6 million vehicles on a seasonally adjusted annualized rate, up from 9.6 million last January but down from December's 11.2 million.

Barclays said Toyota's January sales will drop from a year ago, but it did not offer a figure associated with that decrease.

"We do not expect the sales suspension of Toyota's best selling models to have materially impacted industry sales, but Toyota's market share will likely suffer somewhat and we expect the manufacturer's January sales to be down year-on-year," Barclays said.

Assuming that buyers of the eight Toyota models involved in a recall and sales suspension move to competitors with similar vehicles, Barclays sees a short-term market share gain by GM of 2.4 percent, Honda 2.1 percent, Ford 1.6 percent, Nissan 1.1 percent and Hyundai 0.7 percent.

Barclays also said it has not changed its 2010 U.S. auto sales forecast of 11.7 million vehicles. (Reporting by Bernie Woodall; editing by John Wallace)