Jefferies Starts Harley-Davidson (HOG) at Hold
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Jefferies initiates coverage on Harley-Davidson (NYSE: HOG) with a Hold rating and a price target of $49.00.
Analyst Trevor Young commented, "HOG (HOLD, PT $49) has solid management and execution, but we worry about motorcycle demand peaking, rising credit mix, and a possible inflection in revenue per unit. HOG has demonstrated solid execution given highest GM & FCF conversion among peers, efficient working capital management, and steady dividend growth. We worry about record-high US motorcycle penetration, rising mix of financing, credit losses normalizing and slowing volume growth. H-D's premium brand and "no discount" strategy will require additional spend to bolster sales/maintain share. HOG screens as undervalued, but we remain cautious as we may be late in the cycle. We are -1%/-4% below consensus FY17 revenue/EPS."
Shares of Harley-Davidson closed at $52.48 yesterday.
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