BMO: Don't Let These Headwinds Deter You From Harley Davidson

In a report published Wednesday, BMO Capital Markets analysts maintained an Outperform rating on

, with a price target of $73. The analysts believe that the current Harley-Davidson share price represents a "very good buying opportunity." In the report BMO Capital Markets noted, "1Q retail sales may have been softer than expected, but we still sense a good deal of optimism from the dealer network for the upcoming season. Dealers still see good interest in the brand, and are happy with initial success on some of the 2015 model year introductions, such as Road Glide, Freewheeler Trike, Electra Glide Ultra Low, as well as continuation of strong demand for Rushmore baggers like Street Glide." Through the winter, the trends that have been consistent are "strong sales of CVO models, limited editions with upgraded accessories and larger engines that retail for $30,000-40,000," the analysts wrote. "Outreach efforts, both domestically and abroad, appear to be working. And we also believe that having Street 500 motorcycles in the Rider's Academy program for a full season will generate incremental sales from new riders," the report added. The EPS estimates for 2015 and 2016 have been reduced from $4.40 to $4.30 and from $5.05 to $5.00, respectively, to reflect adverse foreign currency movements and "softer-than-expected retail sales during yet another abnormally chilly first quarter in North America."