Harley-Davidson (HOG) PT Raised to $35 at Citi

Citi analyst James Hardiman raised the price target on Harley-Davidson (NYSE: HOG) to $35.00 (from $34.00) while maintaining a Neutral rating.

The analyst comments "It appears increasingly likely that when HOG reports Q2 next week the company will need to address a weaker-than-expected 1H retail as well as excess non-current inventory. Maybe more importantly, our motorcycle dealer checks cast doubt on HOG’s ability to lap the significant MY24 innovation in 2025. Whereas the hope of interest rate cuts and their stimulative demand effects are driving our positive retail assumptions for much of powersports, HOG may have taken its best shot on the product front in 2024, and the combination of difficult product comps and ongoing secular/demographic headwinds may outweigh cyclical tailwinds in 2025."

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