NEW YORK (
On Tuesday, the Milwaukee-based motorcycle company posted lower quarterly earnings, reduced its profit guidance and announced job cuts, Reuters reported.
"We expect a heightened competitive environment to continue for the foreseeable future, and now is the time for us to dial things up with significant additional investments in marketing and product development," said Matt Levatich, president and CEO of Harley-Davidson, in a statement on Tuesday.
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BMO Capitals' downgrade follows the company's plan to take "demand-driving actions" to improve products.
This signaled that the issues Harley-Davidson faces are more than just cyclical or temporary, the firm said.
It is "looking like a long ride" for the company, the firm added.
"After 2015's underperformance in the motorcycle market it is apparent that the company needs to 'up its game' and develop more...