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Is Harley-Davidson making a turn around

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Harley-Davidson  (HOG) – Get Report was revving up Monday after Citigroup kicked off coverage of the iconic motorcycle maker with a buy rating and a $33 price target.

Shares of the Milwaukee company were up 4.2% to $24.43.

Analyst Shawn Collins said in a note to clients that the recent decline in shares reflects a likely further near-term collapse in volumes and margins, but gives no credit for the “significant turnaround potential” under new CEO Jochen Zeitz.

The Toledo Buffalo Soldiers partnered with numerous motorcycle clubs from Michigan and Ohio for the event to honor Toledo police officer Anthony Dia

The analyst believes Zeitz can kick start a turnaround after being successful at the athletic and casual footwear maker Puma.

Zeitz took over the top spot in February after former Harley-Davidson CEO Matthew Levatich resigned. At the time, Zeitz said “we will look to new leadership to recharge our business.”

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