BofA lowered the firm’s price target on Harley-Davidson (HOG) to $35 from $40 and keeps a Buy rating on the shares. Ahead of the company’s scheduled Q4 earnings report due on Wednesday, February 5, the firm lowered its Q4 adjusted EPS to (62c) from (47c) to reflect a lower shipment outlook from soft retail backdrop and as it believes Harley looked to end 2024 with dealer inventory similar to last year at about 49,000 units. The firm also lowered its 2025 EPS view on the still soft retail backdrop, but calls the stock’s valuation “attractive.”
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