Harley-Davidson price target raised to $42 from $40 at Argus

Argus analyst Bill Selesky raised the firm’s price target on Harley-Davidson (HOG) to $42 from $40 and keeps a Buy rating on the shares ahead of its Q3 earnings next week. The company’s higher Q2 earnings reflected higher Harley-Davidson Motor Company and Harley-Davidson Financial Services revenue growth, driven by increased shipments and improved mix, which partly offset lower pricing and unfavorable foreign exchange effects, the analyst tells investors in a research note. The firm adds that it has increased its price target on the stock despite a lowered growth outlook because it has a a positive long-term view of CEO Jochen Zeitz and the company’s strategic plan and believes that the “iconic” brand is “significantly undervalued” at current prices.