Harley-Davidson not riding too much higher according to analyst

However, the share price was even higher in the beginning of May. It was over $22. After that, the stock lost momentum and started to trend in the downward direction.

Harley-Davidson has been weak the last couple months, but it's up over 2% in afternoon trading as I put this piece together. Apparently, the market doesn't really care about this particular analyst's opinion.

I personally don't find Harley-Davidson attractive. I think the run-up experienced by the stock earlier in the year was merely a reflection of the market's overall euphoria at the time. Everything seemed to be going up. It seems natural that shares of Harley-Davidson would want to take a breather. Plus, you've got to take into account the state of the economy. Yep, the bad economy is still with us, my investing friends. Even though there's been a lot of discussion about a coming recovery, we must remember that everything is debatable on that count.

If you've been waiting to get in this stock, I'd try to be patient for more of a pullback. I tend to agree with the analyst's overall idea that the shares are pretty close to a fair valuation. As such, they're probably risky at this point. And if you've got a good profit in Harley-Davidson now, you many want to consider booking some of the gains.

Disclosure: I don't own any company mentioned; positions can change without notice.