Harley Maintains Buy Rating

Tim Conder, analyst with A.G. Edwards, said he’s maintaining his BUY position on Harley-Davidson stock in a report released Sept. 29. Conder said recent interest rate hikes wouldn’t have much impact on Harley sales or its common stock. “(Harley’s) sales and median stock return have outperformed (the market) during the last three interest rate cycles,” he says.
Conder says any sales lost in September and October due to the recent hurricanes will only be deferred not lost permanently. “We believe any HDI/industry retail sales not made as a result of hurricanes are only deferred, at worst until spring 2005.”
Another positive, Conder says, is Harley’s productivity improvements at the York, Pa., plant that should begin to show up in the fourth quarter.

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