NEW YORK – The hits just keep coming for Harley-Davidson, whose shares are headed for their biggest weekly decline since mid-March.
The motorcycle maker had already been rolling downhill fast this year as a deepening slump in U.S. demand spurred job cuts and a plant closure after the company projected global sales will drop as much as 4.9 percent in 2018 after last year’s 6.7 percent decline.
Harley’s stock fell as much as 2.4 percent last week, following a 2.2 percent decline. It was down more than 5 percent for the week.
This week’s selling was triggered by the European Union’s announcement that it would impose tariffs against U.S. imports in retaliation for new American duties, which it has indicated will target consumer, agricultural and steel products.
Harley-Davidson said in a statement that a “punitive, retaliatory tariff” on its bikes would have a “significant impact” on its sales, dealers, suppliers and customers.
Analysts rate Harley neutral with a price target of $44, which is the second-lowest on Wall Street.
