Wedbush Downgrades Harley-Davidson (HOG) to Neutral; Weak Trends Due to Rainy Weather
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Price: $39.10 -1.54%
Rating Summary:
9 Buy, 15 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 5 | New: 40
Rating Summary:
9 Buy, 15 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 5 | New: 40
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Wedbush downgraded Harley-Davidson (NYSE: HOG) from Outperform to Neutral with a price target of $58.00 (from $63.00), citing lukewarm Q2 channel checks and emerging competition.
Analyst Rommel Dionisio notes recent channel checks indicate that unusually wet weather conditions negatively affected U.S. motorcycle industry sales through much of the second quarter. While Harley-Davidson dealers did better than others, the relatively flat industry trends for the seasonal peak spring/early summer season will be difficult to make up.
The analyst cut EPS estimates for 2013 to $3.30 from $3.40, and for 2014 to $3.80 from $3.92.
For an analyst ratings summary and ratings history on Harley-Davidson click here. For more ratings news on Harley-Davidson click here.
Shares of Harley-Davidson closed at $55.96 yesterday.
Analyst Rommel Dionisio notes recent channel checks indicate that unusually wet weather conditions negatively affected U.S. motorcycle industry sales through much of the second quarter. While Harley-Davidson dealers did better than others, the relatively flat industry trends for the seasonal peak spring/early summer season will be difficult to make up.
The analyst cut EPS estimates for 2013 to $3.30 from $3.40, and for 2014 to $3.80 from $3.92.
For an analyst ratings summary and ratings history on Harley-Davidson click here. For more ratings news on Harley-Davidson click here.
Shares of Harley-Davidson closed at $55.96 yesterday.
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