Oct. 15, 2009 (United Press International) -- U.S. motorcycle maker Harley-Davidson Inc. (NYSE:HOG) said it would drop two brands after sales dropped 21 percent in the third quarter compared with a year ago.

Harley-Davidson intends to shed the Buell and MV Agusta brands after third quarter sales fell to $1.12 billion from $1.42 billion in the same period of last year, the Milwaukee Journal Sentinel reported Thursday.

"The fact is we must focus both our effort and our investment on the Harley-Davidson brand, as we believe this provides an optimal path to sustained, meaningful long-term growth," Chief Executive Officer Keith Wandell said in a statement.

This week, Wells Fargo & Co. (NYSE:WFC) upgraded Harley-Davidson stock, giving the company a boost in share value. Wells said reduced inventory could bump shipments in 2010 and 2011.