Stifel Reiterates Hold on Harley-Davidson (HOG) Ahead of 3Q Report
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Stifel reiterated a Hold rating and $50.00 price target on Harley-Davidson (NYSE: HOG) ahead of the company's 3Q earnings report. Stifel is expecting EPS of $0.62, vs. $0.69 last year and consensus of $0.64.
Analyst Drew Crum commented, "Harley-Davidson is scheduled to report 3Q results on October 18. Our estimates include EPS of $0.62 (vs. $0.69) on Motorcycle/related product revenue at $1.102 billion (-3%) ~ the anticipated y/y decline largely reflects lower motorcycle shipments and increased marketing and R&D spend. Based on our diligence, we assume 3Q retail sales in the U.S. were down low-single digits, despite notable enthusiasm for the new Milwaukee-Eight engine. We think adjustments to 2016 guidance are less likely for now, while our estimates are largely unchanged and continue to assume nominal change in shipments going forward. At 12.2x our 2017 EPS estimate, or a valuation that's consistent with our $50 target price, our rating is Hold."
Shares of Harley-Davidson closed at $50.19 yesterday.
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