UPDATE: Goldman Sachs Downgrades Harley-Davidson to Neutral on Valuation

Goldman Sachs downgraded Harley-Davidson HOG from Buy to Neutral and raised the price target from $54.00 to $58.00. Goldman Sachs commented, "We remain confident in Harley Davidson's ability to grow the top-line for the next several years on the back of a recovery in employment in the housing sector in the US, and continued growth in emerging markets. … That said, with shares now trading at 17.2x on our 2013 estimates we believe expectations are already pricing in these growth prospects. While the implementation of ERP at the York facility and the near-completion of the restructuring program have substantially lowered the execution risk, some complex operational milestones remain like the surge at Kansas in early 2014." Harley-Davidson closed at $54.52 on Tuesday.