Shares of Harley Davidson (NYSE:HOG) trade at the lowest levels of the past two years. The manufacturer of premium motorcycles has lowered the full-year outlook just one quarter into the year. While dollar strength has been anticipated, investors are surprised by increased competition. Despite these headwinds, overall sales and earnings developments are seen flattish this year. While there's no growth at the current moment, the truth is that long-term growth has been disappointing for years. This has resulted in lower expectations as shares trade at just 14 times earnings. Given the strong brand and the low valuation, I might initiate a small long position in the shares. Prospects for sales stabilization and growth might result in a re-rating at some point going forward, creating nice potential upside from current levels. Read more