Harley-Davidson’s stock surges-BMO Capital’s Gerrick Johnson became the most bullish analyst covering the motorcycle maker following an upgrade and price target boost

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Shares of Harley-Davidson Inc. HOG, +5.55% hiked up 3.4% in premarket trading Tuesday, after BMO Capital’s Gerrick Johnson became the most bullish analyst covering the motorcycle maker following an upgrade and price target boost. Johnson raised his rating to outperform from market perform and lifted his stock price target to $33, which is 27% above Monday’s closing price of $25.92, from $23. His target is now the highest of the 19 analysts surveyed by FactSet.
Johnson said he’s more positive on the company after recent management changes, as new Chief Executive Jochen Zeitz has brought in “a high level of credibility” that investors have embraced. “As strategic changes are implemented over the next several quarters retail sales may struggle, but other key metrics, such as used bike prices and dealer inventory levels, should improve, providing ‘evidence’ the turnaround is taking hold,” Johnson wrote in a note to clients..
The stock has run up 34.0% over the past three months through Monday, while the S&P 500 SPX, +1.34% has gained 10.9%.
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