Investing.com — Harley-Davidson (NYSE:HOG) shares rose 5% after an upgrade by BMO Capital.
HOG was raised to outperform from market perform by analyst Gerrick Johnson, who also boosted his price target to $33 from $23, MarketWatch reported. The average price target is $26.75, while the highest is $34, according to data compiled by Investing.com. The stock was trading around $27.28 on Tuesday.
Johnson is more positive on the motorcycle maker thanks to management changes and the “high level of credibility” that Chief Executive Officer Jochen Zeitz has brought to the company.
While retail sales may not recover quickly, key metrics like used bike prices and dealer inventory levels should improve, showing proof of a turnaround, MarketWatch quoted Johnson as saying.
Last week, Harley-Davidson said it would cut 700 positions across global operations, with about 500 expected to exit in 2020. The company said it is overhauling its global operating model to become a “leaner, more nimble” organization.
HOG has seven buy ratings, 10 holds and one sell, according to data compiled by Investing.com.