Harley-Davidson's (HOG) second quarter results left analysts mixed. The company's earnings beat Wall Street's expectations, but a sagging overall industry and unimpressive guidance suggest an unclear road ahead for the Milwaukee-based company.

Barclays doesn't see challenges for Harley-Davidson disappearing any time soon, but it's unlikely Harley will face a buyout. Declining growth rates and industry metrics that are slowing as the current rider population ages suggest it would be difficult for a buyer to obtain a favorable return in a Harley deal.

Barclays gave Harley an "underweight" stock rating and a price target of $45, down 8% from the stock's closing price Tuesday.

But BMO Capital Markets said Harley has the right strategy even though its sales decreased in the second quarter. Bad weather that shortened the riding season and kept foot traffic from open houses isn't a reason to give up on the stock. Plus new product, including the 2018 model year celebrating the bikes' 115th anniversary, has stirred "buzz" in the industry.

BMO remains positive on Harley, despite disappointing second quarter metrics. They gave Harley an "outperform" rating and $56 price target.

Harley-Davidson stock traded down over 1% Wednesday morning.

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