Shares of the Milwaukee company were climbing 7.3% to $40.25 at last check.
“Harley-Davidson is the most valuable motorcycle brand on the planet,” Baird analyst Craig Kennison said in a research note. “After a tough recession, management restructured operations, slashed dealer inventory, rethought product development, invested internationally, and fortified the balance sheet.”
Kennison, who previously had a neutral rating on the stock, also raised his price target to a Wall Street high of $45 from $38. He noted that it was the first time Baird had an outperform rating on Harley-Davidson since 2016.
Kennison cited several factors for his upgrade, including new leadership “with a fresh vision and proven