Baird analysts downgraded Harley-Davidson shares from Outperform to Neutral after weak dealer checks revealed concerning third-quarter trends. These include a double-digit decline in retail sales, excess inventory, and negative dealer sentiment. Baird also cut its price target on the stock. Dealers noted that high interest rates and economic concerns are deterring customers from financing new purchases, while many used motorcycles are selling below the suggested retail price. Harley-Davidson shares dropped 4% in premarket trading.
