Morgan Stanley says Trump presidency may be good for Harley-Davidson

Morgan Stanley's lead auto analyst Adam Jonas is also the bank's lead motorcycle analyst, and he likes Harley-Davidson.

On Tuesday, Jonas published a research note in which he hiked his price target for the all-American motorcycle maker to $61 from $54, with an "overweight" rating (his version of a "buy").

Harley-Davidson shares had closed on Monday at $58 and were trading at almost $60 on Tuesday, up about 2%.

Jonas thinks that Harley is in a good position to benefit from a Trump presidency. Here's what he wrote:

HOG positioning post US election: China accounts for a fraction of 1% of sales for HOG and there is no Mexican production. Significant exposure to US domestic oil patch states. Rebound in construction and energy dovetails with the sweet spot of HOG's core US motorcycle demographic. Watch the FX though. Stronger US$ vs. currencies such as Yen can present a transaction risk and competitive risk over time. Neutral to positive on a relative basis.

Actually, if you think about, there aren't a whole lot of iconic American manufacturing companies that are better situated to prosper in a Trump America.

This is something that Trump detractors are going to have to get used to: in some cases, if he follows through on some of his promises, there are going to be businesses that will get a boost.