Harley-Davidson's Strategy Gaining Traction, BofA Says

MT Newswires Live10-30 23:08

Harley-Davidson's (HOG) strategy is starting to take form, with stronger retail momentum and a higher profit outlook pointing to improving execution, BofA Securities said in a report Friday.

The motorcycle maker reported Q3 earnings of $0.40 per share, below market estimate of $0.45 but well above BofA's forecast of $0.21, the report said.

The note also pointed to a "more important" metric as the company raised its financial guidance at Motor Company (HDMC) and Financial Services (HDFS).

"This shows the Back to the Bricks strategy outlined in May is beginning to take form," the note said.

"We view our 2027 estimates as reasonable given management's execution and increasing confidence in its strategy," it added.

BofA maintained its buy rating while raising its price objective to $35 from $32.

Price: 30.49, Change: +0.16, Percent Change: +0.53

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