Deutsche Bank Assumes Coverage on Harley-Davidson (HOG) with a Buy; Valuation Appears Conservative
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Deutsche Bank assumes coverage on Harley-Davidson (NYSE: HOG) with a Buy. Price target $21.
Deutsche analyst says, "Based on our analysis of the company's business model, we believe HOG's motorcycle business has been, and will likely continue to be highly cash flow generative through a deep industry downturn. This strong cash flow has recently been obscured by a massive amount of capital consumed by Harley Davidson's Financial Services (HDFS) business. But we believe that conditions for HDFS are improving, which could lead investors to re-focus on the compelling economics of Harley Davidson's core motorcycle business...We expect additional cost savings, and we note that HOG's new CEO has a very strong track record in this regard. We expect over $400MM of (pre-restructuring) unlevered free cash flow from the motorcycle business this year, and over $500MM in 2010."
To see more analyst ratings on HOG Click Here.
Harley-Davidson, Inc. operates in two segments: the Motorcycles & Related Products (Motorcycles) segment and the Financial Services segment.
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