The analyst said that if the Milwaukee-based company can ship as it has promised in the third quarter, the company could see its inventory down year over year as guided.
Harley-Davidson saw retail unit sales fall at a high single-digit rate in July, according to Wedbush estimates, and sales were down at a mid-single-digit pace in August.
Earlier this month, Wedbush estimated that Harley-Davidson's retail unit sales fell at a high single-digit rate in July, while sales were down at a mid-single-digit pace in August.
In July, the company reported adjusted second-quarter earnings per share of $1.46, down from $1.52 a year ago. Analysts expected earnings of $1.21 a share.
Unit sales of motorcycles fell 8.4% worldwide in the quarter to approximately 72,000 from around 78,000 a year ago. The largest drop came in Europe, the Middle East and Africa (down 12.5%).
The drop in revenue from motorcycle and related parts sales was slightly less pronounced, down 6%.
Harley-Davidson lowered its forecast for motorcycle shipments for the year, saying it expected to ship between 212,000 and 217,000 motorcycles in 2019, down from its previous forecast of 217,000 to 222,000 motorcycles.