Here's what Forbes put out:
Shares of Harley-Davidson Inc. rose Friday on speculation that Honda may be looking to buy the iconic motorcycle maker.
In heavy afternoon trading, Harley-Davidson (nyse: HOG - news - people ) shares were up $2.44, or 4.1 percent, to $62.77, after peaking at $63.99 earlier in the day.
Over the past 52 weeks, Harley-Davidson shares have traded between $50.74 and $75.87.
Edward Aaron of RBC Capital Markets Corp. said a buyout by Honda (nyse: HMC - news - people ) would be "highly unlikely" for both regulatory and cultural reasons.
"This speculation is unfounded, in our view, and is likely to subside," he said, referring to a rumor first reported on a trading Web site.
In a note to investors, Aaron said he's fielded "a number of inquiries" about a leveraged buyout of Harley-Davidson in conjunction with the rumor. While "more plausible" than a merger with Honda, he said, "the math behind such a transaction is not highly compelling."
"Harley is already a very well operated business with a high margin profile," Aaron wrote. "Without the ability to generate significant structural margin improvement from current levels, it would be difficult for an leveraged buyout investor to pay a meaningful premium to the current price and generate a suitable return."
Bob Klein, a Harley-Davidson spokesman, said the company does not comment on market speculation.
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