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Baird Upgrades Harley Davidson to 'Outperform'


Baird upgraded Harley Davidson (HDI) to outperform from neutral.

Analyst David Cumberland says the current valuation is attractive in view of the company's consistent record, good visibility, and above-average growth potential. Cumberland says the stock may be reacting to a lack of increase in 2003 production guidance.

He notes management cited capacity constraints until its expanded York facility ramps up in the second half of 2003 as a factor for holding his guidance. Cumberland raised the 2003 earnings per share estimate by seven cents to $2.18, below the $2.22 consensus, on higher margin assumptions.

At about 19.5 times the 2003 earnings per share estimate, the stock trades at the low end of a three-year range.


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