HOG - Harley-Davidson falls after Jefferies issues bear rating on concerns growth could stall

Shares of Harley-Davidson ( NYSE: HOG ) fell in early trading on Tuesday after Jefferies started off coverage on the motorcycle stock with an Underperform rating on concerns over the near-term outlook.

Analyst Anna Glaessgen and team think Harley-Davidson could struggle to meet new customer expectations.

"Simply put, we lack confidence in the go-forward demand trajectory for heavyweight motorcycle segments... We see the aging out thesis as tired (‘aging in’ is a commonly overlooked nuance), though we don’t see a clear catalyst for an acceleration in ridership growth through 2030 as outlined by management at the May analyst day."

Jefferies warns that the recent retail inflection lacks legs for HOG and the powerful year-to-day share price performance for the stock is at risk of going in reverse as company forecasts for more than 100K units in 2026 will start to look too lofty.

"We see outsized execution risk to significant strategic shift stemming from Harley’s loyal base, who like Harley just the way it is," warned the firm. Jefferies assigned a price target of $39 to HOG.

Shares of HOG fell 1.69% premarket to $47.10.

See the most recent breakdowns on Harley-Davidson from Seeking Alpha authors.

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