Longbow analyst David MacGregor said his checks with Harley-Davidson dealers showed that U.S. new retail sales decelerated through the fourth quarter, with many dealers pointing to "limited" reaction from buyers to promotional support. The analyst, who noted that his estimates remain below consensus, keeps a Neutral rating on Harley-Davidson shares.
Says no sustained down time in factories to date. Expects FY21 tariff exposure of $80M vs. prior view of $135M. Says seeing increased consumer appetite for products, brand. Says seeing "outstanding sell through" from Pan America motorcycle. Says inventory levels lower than originally planned due to strong demand. Says chip shortages constraining motorcycle inventory levels. Says seeing input costs increases in steel, aluminum.