Wedbush Remains Neutral on Harley-Davidson (HOG) Following M17 Product Offering
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Wedbush reiterated a Neutral rating on Harley-Davidson (NYSE: HOG), and raised the price target to $48.00 (from $40.00), following the company's annual dealer meeting. The company kicked off the meeting with the unveiling of its MY17 product offering. The new platform consists of a new 107 cubic inch engine and a 114 cubic inch engine for CVO’s. In total, 13 bikes are getting an all-new engine.
Analyst James Hardiman commented, "At the time of our last survey it was somewhat unclear how many bikes would get the new engine. As we see now the rollout is substantial, in that all of the touring bikes (nine bikes in all) are getting a new engine with the three high-end touring bikes – Road Glide Ultra, Ultra Limited, and Ultra Limited Low - getting the Twin-Cooled version (air and oil cooled for higher performance), of the 107 cubic inch Milwaukee Eight. Furthermore, one of the trikes (Tri-Glide Ultra) is getting the 107 cubic inch Twin Cooled Milwaukee Eight, while the other (Freewheeler) is getting the air-cooled 107” engine. Additionally, two of the three CVO bikes (CVO Street Glide and CVO Limited) are getting the Twin Cooled 114 cubic inch Milwaukee Eight engine."
Shares of Harley-Davidson closed at $54.04 yesterday.
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