Harley-Davidson stock climbs after BofA kicks off coverage with a buy rating
Shares of Harley-Davidson Inc. rallied 1.0% in midday trading Wednesday, but pared earlier gains of as much as 5.3%, after BofA Securities analyst Robert Ohmes took a bullish stance on the motorcycle maker, citing signs of accelerating brand momentum after a year of aggressively managing supply. Ohmes initiated coverage of HOG with a buy rating and stock price target of $55, which implies a 33% gain from current levels. He sees a "significant market share opportunity in Europe" following the company's launch of its Pan America 1250 model, and believes the launch of electric motorcycles will help HOG target younger customers in the U.S. and drive growth in China and Europe. Ohmes also noted that pricing for used motorcycles has improved as supply was worked down, and with the implementation of a "Certified Pre-owned" program that brought customers into "a cleaner new and used market that should support pricing,
Portions of Harley-Davidson Inc. mobilized 1.0% in late morning exchanging Wednesday, yet pared prior gains of as much as 5.3%, after BofA Securities expert Robert Ohmes took a bullish position on the cruiser producer, refering to indications of speeding up brand force following a time of forcefully overseeing supply. Ohmes started inclusion of HOG with a purchase rating and stock value focus of $55, which suggests a 33% increase from current levels. He sees a "critical piece of the pie opportunity in Europe" following the organization's dispatch of its Pan America 1250 model, and accepts the dispatch of electric cruisers will help HOG target more youthful clients in the U.S. furthermore, drive development in China and Europe. Ohmes additionally noticed that valuing for utilized cruisers has improved as supply was worked down, and with the execution of a "Affirmed Pre-claimed" program that brought clients into "a cleaner new and utilized market that should uphold evaluating," deals of bike parts and better edges for sellers. The stock has revitalized 12.8% year to date and more than bent over (114%) in the course of recent months, while the S&P 500 has progressed 10.4% this year and 45.7% the previous year.