BMO Capital Reiterates Outperform on Harley-Davidson (HOG) Following 3Q Report
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BMO Capital reiterated an Outperform rating and $66.00 price target on Harley-Davidson (NYSE: HOG) following the company's 3Q earnings report. HOG reported 3Q16 EPS of $0.64 vs $0.69 in 3Q15. This result was below $0.66 expectations, but in-line with the Street consensus of $0.64. HOG maintained its full year 2016 shipment guidance of 264,000 to 269,000 motorcycles.
Analyst Gerrick Johnson commented, "We rate shares of Harley-Davidson (HOG) Outperform with a $66 price target. Yesterday, as part of its 3Q earnings release, HOG reported encouraging news regarding its turnaround indicating that model Year 2017 motorcycles with the new Milwaukee-Eight engine have driven retail sales gains for the company in their first month on the market. With these gains, the company should post an EPS increase over 2015 despite widespread investor consternation over what CEO Matt Levatich has called a "challenging year"."
Shares of Harley-Davidson closed at $54.75 yesterday.
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