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.
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