Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

BofA Lowers Harley-Davidson to 'Neutral'

Banc of America downgraded Harley-Davidson (HDI) to neutral from buy.

Analyst Gary Cooper believes Harley-Davidson's retail sales continue to be weak in the second quarter, and thinks the gap between supply and demand has collapsed. He cut the $2.70 2004 earnings per share estimate to $2.60, and cut the 8% unit growth estimate to 5% -- due to building retail inventory and difficult comparisons from Harley-Davidson's 100th anniversary model year.

Cooper thinks gross margin expansion will be limited by new capacity, the introduction of new models, and limited increases in pricing next year. He cut the $50 target to $39, due to a collapse of supply and a gap in demand; he no longer thinks Harley-Davidson's shares deserve a premium multiple.

blog comments powered by Disqus