UPDATE: Raymond James Downgrades Harley-Davidson to Market Perform, Removes PT Based on Survey Results

In a report published Thursday, Raymond James analyst Joseph D. Hovorka downgraded the rating on

from Strong Buy to Market Perform, and removed the $84.00 price target. In the report, Raymond James noted, “We are reducing both our rating and earnings estimates for HOG based on our survey results, which show 2Q14 domestic retail sales growing slower than expected. Our survey results suggest retail sales grew in the mid-single digits in 2Q14 compared to our prior model of +11%. Retail sales were expected to grow 11% following a slow start to the year due to weather and a strong new product offering for model year 2014. For the first time since 2Q10, more dealers also state that they have too much inventory than those that say they have too little inventory. The survey results are detailed in a separate note published today.” Harley-Davidson closed on Wednesday at $68.42.