Harley-Davidson gains following upgrade to ‘buy’ at DA Davidson
Harley-Davidson (HOG) gains following upgrade to ‘buy’ at DA Davidson
HOG
+1.75%
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Shares of Harley-Davidson (NYSE:HOG) climbed Friday morning following an upgrade from “neutral” to “buy” at equity research firm DA Davidson. Analysts issued a price target of $47, implying an upside of 28% from yesterday’s closing price. Positive motorcycle industry checks were a key factor in the shift to a more bullish outlook.
DA Davidson said feedback from dealers in its latest round of checks was more positive than in May, and dealers indicated April was likely the worst month of the quarter, with retail improving every month throughout the second quarter. Analysts also noted that dealers made substantial progress clearing non-current inventory, and checks suggest pre-order demand for the company’s new custom vehicle operation (CVO) product launch was exceeding expectations.
“…most recent HOG checks revealed better than feared 2Q23 U.S. retail, strong progress with MY22 inventory clearance and positive dealer feedback on new product introductions,” wrote analysts in a note to clients.
They added, “Heading into HOG’s earnings release next week, we believe HOG is poised to exceed increasingly low expectations around retail, 2Q23 earnings and their 2H23 outlook.”
Harley-Davidson’s stock was poised to open higher by 3% Friday morning following the ratings upgrade. Shares lagged major averages so far this year and are lower by over 10% year-to-date.
