Shares of Harley-Davidson (HOG) - Get Report were lower in morning trading after an analyst from Longbow said that the growth of rival Polaris' (PII) - Get Report Indian brand has likely resulted in share losses for Harley-Davidson in certain segments in the first quarter of fiscal 2016.

SHARE LOSSES FOR HARLEY: Longbow analyst David MacGregor said that his firm's checks indicate that Polaris' Indian motorcycle brand has been eating into Harley-Davidson's share in the cruiser and sportster segments in Q1. The analyst said that Indian dealers indicated strong sales of their Scout models, which compete directly with Harley-Davison's Light Cruiser Lineup.

POLARIS, ARCTIC CAT VIEWS: In the note, MacGregor reiterated a Neutral rating on Polaris after his firm's most recent dealer survey showed flat sales trends in off-road vehicles with weakness in snowmobiles and strength in the Indian brand. The analyst added that Polaris will likely report above-consensus earnings in Q1, despite flat growth in ORVs, as a result of low expectations. Analysts currently expect Polaris to report Q1 earnings per share of 69c on revenue of $963.21M, according to First Call. MacGregor believes that above-consensus Q1 earnings should result in an increase the lower end of FY16 guidance, which is currently at $6.20-$6.80. MacGregor also said that his firm's channel checks indicate that Arctic Cat (ACAT) , another player in the off-road vehicle space, has been experiencing a downturn in year-over-year ORV sales, which would suggest share losses with Japanese competition increasing and Polaris being flat.

PRICE ACTION: In morning trading, Harley-Davidson fell about 1.2% to $50.59. Meanwhile, Polaris dipped about 0.4% and Arctic Cat was down 1.8%.

Reporting by Sam Martinelli.

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