Harley-Davidson downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Harley-Davidson (HOG) to Underweight from Equal Weight with a price target of $25, down from $27, which offers 10% downside potential. The firm says Harley sits at the bottom of its “leisure framework” due to its combination of low pricing power and weak secular trends. These factors, combined with competitive pressures, are “overwhelming a cyclical recovery” for the motorcycle industry, the analyst tells investors in a research note. Morgan Stanley lowered its estimates and believes consensus numbers will come down further.