Harley-Davidson shares have room to run: Barron's

NEW YORK (Reuters) - Shares of motorcycle maker Harley-Davidson Inc (HOG.N) may be cheap, given the company's strong brand recognition with consumers, Barron's said in its November 26 issue.

The business newspaper said that while the next 12 months won't be easy for the company, the stock could eventually top $60 per share. While Harley shares have typically fallen 30 percent to 40 percent before previous U.S. recessions, the stock rebounds when the economy picks up steam, Barron's said.

The company's shares are down about 38 percent year-to-date, as the company posted disappointing third-quarter results and its chief executive said last month that the current business climate is tough.

But the stock is trading at just 12 times next year's expected earnings -- its lowest price-to-earnings ratio in history, and below the benchmark Standard & Poor's 500 .SPX ratio of 15, Barron's reported.

The company is enjoying strong growth overseas, its long-term prospects are good and investors who believe the economy will improve in the next 12 months are buying up Harley shares, according to Barron's.

Harley shares closed at $46.53 on the New York Stock Exchange on Friday.

(Reporting by Emily Chasan; Editing by Kenneth Barry)