HOG - Harley-Davidson gains after Morgan Stanley turns more constructive
Morgan Stanley upgrades Harley-Davidson (NYSE:HOG) to an Equal-weight rating after having it slotted at Underweight. The firm's view is that the market has priced in too negative of a set-up on Harley for the next 12 months. Analyst Billy Kovanis and team are positive on the turnaround of Harley Davidson from a margin standpoint and see the risk reward as more evenly skewed at today's share price. However, they remain cautious on Harley's ability to drive sustained revenue growth in the long term, particularly after the spinoff of LiveWire. Secular risks are also seen around the declining industry motorcycle sales and new competition is expected to enter the EV bike segment. Morgan Stanley assigns a price target of $40 to HOG. Shares of Harley-Davidson (HOG) are up 1.30% premarket to $35.02. The Seeking Alpha Quant Rating on HOG is flashing Buy.
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Harley-Davidson gains after Morgan Stanley turns more constructive