NEW YORK (TheStreet) -- Harley-Davidson (HOG) - Get Report stock is down 3.75% to $58.57 in midday trading Friday after Deutsche Bank reduced its price target to $58 from $60, while maintaining its "hold" rating.

Harley-Davidson operates in the motorcycles and related products segment and the financial services segment.

Analysts said they anticipate a 15% weighted average decline in Harley-Davidson's exposed currencies, adding that they estimate that the company's international revenue base could be reduced by close to $300 million. 

Deutsche Bank also noted that Harley-Davidson's natural hedges could potentially mitigate approximately $30 million of this headwind, with half of this impact during 2015.  

"Harley-Davidson may have some flexibility to mitigate the FX headwind through higher pricing, and increased international sourcing, but we would expect these measures to be adopted cautiously," analysts said, noting that there was a 10.8% decline in Canadian retail volume following a price increase in 2014. 

Simultaneously, competitors' costs are improving on a relative basis, analysts added.

Deutsche Bank adjusted their 2015 and 2016 earnings estimates to $3.92 and $4 per share from $4.03 and $4.20 per share, respectively.

Also, the company announced yesterday that it is laying off 169 people in Kansas City, MO. "The layoff announcement is substantial, representing 21.1% of the local workforce," the Kansas City Business Journal reported.

Separately, TheStreet Ratings team rates HARLEY-DAVIDSON INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate HARLEY-DAVIDSON INC (HOG) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

You can view the full analysis from the report here: HOG Ratings Report

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