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Harley-Davidson stock climbs after BofA kicks off coverage with a buy rating

Tomi Kilgore
·1 min read
Harley-Davidson stock climbs after BofA kicks off coverage with a buy rating
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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," sales of motorcycle parts and better margins for dealers. The stock has rallied 12.8% year to date and more than doubled (up 114%) over the past 12 months, while the S&P 500 has advanced 10.4% this year and 45.7% the past year.