Shares of the Milwaukee company were up 4.2% to $24.43.
Analyst Shawn Collins said in a note to clients that the recent decline in shares reflects a likely further near-term collapse in volumes and margins, but gives no credit for the “significant turnaround potential” under new CEO Jochen Zeitz.
The analyst believes Zeitz can kick start a turnaround after being successful at the athletic and casual footwear maker Puma.
Zeitz took over the top spot in February after former Harley-Davidson CEO Matthew Levatich resigned. At the time, Zeitz said “we will look to new leadership to recharge our business.”