Harley-Davidson price target raised to $39 from $37 at Citi

Citi analyst James Hardiman raised the firm’s price target on Harley-Davidson to $39 from $37 and keeps a Neutral rating on the shares. The firm says the stock “deflated” following a disappointing Q1 and decelerating sales trends in Q2. However, the stock has seen strength recently following the “embedded optimism” in reduced guidance coming out of Q2 and the apparent strength in the month of July, the analyst tells investors in a research note. Whether or not July was the exception or the rule will determine where the stock goes from here, although a significantly weaker August “is not helping the bull case,” Citi contends. The firm has concerns with Harley’s ability to lap the significant 2024 innovation in 2025 but upped the price target saying investors appear to “be giving this one another look amid renewed Fed-driven optimism.”