As reported earlier, BMO Capital analyst Gerrick Johnson downgraded Harley-Davidson to Market Perform from Outperform and lowered his price target to $45 from $52, saying his previously expected catalysts for sales and earnings did not materialize. The analyst notes that "fort the first time in 10 years" of his covering powersports, a company's development of new products that are "significantly better" than the existing ones did not lead to an increase in demand. Johnson also cites Harley-Davidson's continued demographic issues, poor execution, lacking customer service at dealerships, and a loss of market share to Indian motorcycles as some of its issues.