Harley-Davidson (HOG) PT Lowered to $45 at BMO Capital

BMO Capital analyst Gerrick Johnson lowered the price target on Harley-Davidson (NYSE: HOG) to $45.00 (from $50.00) while maintaining a Outperform rating.

The analyst commented, "HOG's 1Q24 came in ahead of expectations, but the most highly anticipated metric — US retail sales — came in at +6% y/y, a bit below investor expectations. Commentary around April retail trends and 2Q24 retail expectations were surprisingly cautious, resulting in much investor concern given positive retail channel checks during the quarter and causing the stock to drop ~16% on the day. While we haven't heard anything from our checks indicating retail demand for the MY24s is significantly slowing, we are lowering our target to reflect increased uncertainty around retail."

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