UPDATE: Wedbush Downgrades Harley-Davidson on Lukewarm Q2 Channel Checks and Emerging Competition

In a report published on Friday, Wedbush analyst Rommel Dionisio downgraded Harley-Davidson HOG from Outperform to Neutral and lowered the price target on the company from $63 to $58. In the report, Wedbush stated, "Having completed another recent series of channel checks of over 60 U.S. motorcycle dealers, we continue to hear a consistent theme that has plagued such checks over the past several months: that higher rainfall compared to Q2:12 adversely impacted customer traffic through motorcycle dealerships, particularly in the Northeast and Midwest. Checks did indicate positive mix shift for H-D, driven by solid sales performance of its higher-priced custom bikes. Nonetheless, relatively flat industry trends for the seasonal peak spring/early summer season will be difficult to make up." Harley-Davidson closed on Friday at $55.96.