Zacks Investment Research downgraded shares of Harley-Davidson Inc. (HDI) from OUTPERFORM to NEUTRAL on July 02, 2012, with a target price of $48.00.
Harley-Davidson commands a lion's share of the U.S. motorcycle market due to its extraordinary and historical brand value. The company began its restructuring activities in 2009 to mitigate a weakened economy and succeeded in generating substantial savings. In the first quarter of 2012, the company posted a 44% rise in profits and beat the Zacks Consensus Estimate by $0.03 per share. However, the company faces an aging customer base and offers an expensive product range. As such, we have downgraded the long-term recommendation of its shares from Outperform to Neutral and set a target price of $48.00.
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