Harley-Davidson Has 22% Upside as Sales Start to Heat Up, Says Analyst
Sales of Harley-Davidson (NYSE:HOG) motorcycles are roaring back to life, according to one Wall Street analyst who believes that’s worth lifting his price target on the stock from $55 per share to $60, or 20% above where the bike maker’s stock closed on Thursday.
Wedbush analyst James Hardiman tells investors in a research note that his channel checks show Harley-Davidson is gaining traction among motorcycle buyers again. April sales were running 5% to 7% above the levels they hit in 2019 while May sales were sprinting higher by low double-digit rates.
If those figures pan out, it could mean the motorcycle manufacturer truly has found the bottom of its yearslong sales slide.
A Harley-Davidson Pan America 1250. Image source: Harley-Davidson.
Investors have been burned before by overly optimistic assessments of Harley-Davidson’s ability to pull out of its sales decline, but there could be something this time to Hardiman’s
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