The iconic Harley-Davidson (NYSE: HOG) brand is in trouble. The company has seen revenue fall for a half-decade, and earnings have evaporated. Strategies to get into electric motorcycles have largely failed, and the core business doesn’t show any signs of a turnaround.
Despite all of these challenges, Harley-Davidson stock is up 82% over the past year, and investors seem optimistic about a turnaround. But there’s good reason to think that won’t happen for this leisure stock.