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Goldman: Why we're not so hog-wild for Harley

The 2015 Harley-Davidson Road Glide.
Source: Harley-Davidson

Future Harley-Davidson sales are likely to be weak, according to Goldman Sachs, which downgraded shares of the motorcycle maker to neutral from buy.

"Our channel checks suggest that U.S. HOG registration growth may have stalled in second quarter 2016 despite fewer competitive headwinds, which blurs the outlook leaving us with a more balanced view," Goldman Sachs' Patrick Archambault wrote in a note to clients Monday.

He added that Harley suffered from "competitive pressure from its Japanese competitors who leveraged the weaker Yen to offer bigger discounts driving Harley share down by 340 basis points last year."