Investors have gotten ahead of themselves on Harley-Davidson’s turnaround story, and the stock is due for a major pullback, according to Morgan Stanley.

The investment firm downgraded the motorcycle company to underweight from equal-weight after the stock, long plagued by sluggish and even negative sales growth, has ripped higher in recent months. Shares are up 31% year to date and are trading at their highest level since 2018.