Wedbush says its dealer checks for Harley-Davidson were disappointing. The firm thinks that the company continues to face risk from several sources, including new bikes from Indian and the July conversion of its Kansas City plant to an SAP IT system. The firm says the stock is among the cheapest in its coverage, but it expects the shares to continue to face downward pressure going forward. Wedbush notes that the stock jumped 20% last Friday on speculation that the company would be acquired by KKR for $65 per share. The firm says that a $65 per share takeover is "extremely unlikely." It keeps a $40 price target and Neutral rating on the shares.