Harley-Davidson shares fall as Goldman downgrades
NEW YORK (AP) — A Goldman Sachs analyst downgraded Harley-Davidson Inc. to "Neutral" from "Buy," saying that while the motorcycle maker's finances are healthy, its shares are close to the top of their traditional trading range.
THE OPINION: Patrick Archambault said he's confident that the Milwaukee-based company will be able to increase its sales as employment improves and the housing market recovers, helped by increased contributions from emerging markets, where its brand is gaining strength.
Archambault boosted his six-month price target by $4 to $58. But he noted that in the months since Harley was added to the investment bank's buy list in October, its shares have risen about 24 percent, while the Standard & Poor's 500 is up about 3 percent.
The stock is trading near the top of its range, which limits its potential gains even in light of the company's typically strong financial performance, he said.
THE SHARES: Down $1.36, or 2.5 percent, to $53.16 in afternoon trading. Over the past 52 weeks, the stock has traded between $37.84 and $54.62.