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ERROR: type should be string, got "https://www.barrons.com/articles/harley-davidson-reports-earnings-next-week-turnaround-covid-pandemic-51595528886\nHarley-Davidson Stock Has Nearly Doubled on Hopes of a Turnaround. This Analyst Isn’t Impressed.\nUpdated July 23, 2020 6:04 pm ET / Original July 23, 2020 2:28 pm ET\nThe iconic American motorcycle brand’s base in the U.S. is aging amid a decline in overall ridership.\nPatricia De Melo Moreira/AFP via Getty Images\nHarley-Davidson stock has bounced back 92% from its April lows amid the company’s latest turnaround efforts. Raymond James analyst Joseph Altobello still wants to hear more.\nIn a note on Thursday, he maintained a Market Perform rating on the stock (ticker: HOG), citing weak U.S. motorcycle demand and possible pressures for the company’s financial-services unit.\nThe company is expected to report second-quarter results on Tuesday. Altobello said Covid-19 will have a significant impact on results, citing a production shutdown in March and widespread dealer closures. His estimates imply a 40% drop in revenue for the motorcycle and related products category and a 92% drop in adjusted earnings to 11 cents per share.\nStill, he thinks investors should focus on retail trends in June and July, the financial-services credit portfolio quality, more details on the turnaround plan, the company’s shipment outlook, its liquidity situation, and its hunt to replace former CFO John Olin.\nA new plan and a leadership change have provided a bit of a spark for the stock. But the company’s struggles are well documented. The iconic American motorcycle brand’s base in the U.S. is aging amid a decline in overall ridership. Programs to attract and train a younger, more-diverse generation of U.S. riders haven’t moved the needle much. Meanwhile, the company’s efforts to expand outside the U.S. have been hamstrung by trade tensions in Europe and Asia, as well as competition from the leading brands in those regions.\nIts LiveWire electric bike was seen as one way to attract some newer, younger riders. Chris Evans rode an early version of the motorcycle while playing Captain America in 2015’s “Avengers: Age of Ultron.” The LiveWire came to market last fall, but stumbled out of the gate. The company briefly halted production in October, following the discovery of a charging-equipment problem.\nNew CEO Jochen Zeitz, who took over in May, has won over some analysts. As of April 30, only two analysts covering the stock had Buy or equivalent ratings. Now, eight of the 19 analysts covering the stock have Buy ratings. Only one analyst says Sell. That may say more about how far the stock had fallen. Though Harley stock has rallied from its April lows, it is still down 19% from 12 months ago.\nZeitz served as interim chief after longtime CEO Matt Levatich stepped aside in February. In April, Harley announced a turnaround plan. The company detailed job and production cuts earlier this month, and is expected to provide more information on the plan when it reports quarterly earnings next week.\nIn his note, Altobello noted increased support from investors amid the leadership change and the turnaround plan. “We believe this largely reflects increased optimism regarding Mr. Zeitz—who delivered a stellar performance as CEO of Puma before it was acquired by Kering in 2007—and his ability to reaccelerate growth and profitability at HOG through “The Rewire,” along with a new five-year strategic plan expected to be unveiled later this year.”\nStill, he thinks it is difficult to assess how successful this turnaround could be, “particularly given the current industry headwinds.” He is waiting for additional details before he considers turning more positive on the stock.\nHarley stock was up 1.3% to $28.99 on Thursday, while the broader S&P 500 index was down 1.4%.\nWrite to Connor Smith at connor.smith@barrons.com\nHarley-Davidson stock has bounced back 92% from its April lows amid the company’s latest turnaround efforts."