Harley-Davidson (HOG) Tops Q1 EPS by 6c; Offers Q2 Outlook
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April 21, 2016 3:51 PM EDT
Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) for Harley-Davidson, Inc. (HOG) and its Harley-Davidson Financial Services, Inc. (HDFS) subsidiary at 'A'. In addition, Fitch has affirmed the senior unsecured ratings of HOG, HDFS and Harley-Davidson Funding Corp. (HDFC) at 'A' and HDFS's short-term IDR and commercial paper ratings at 'F1'. The Rating Outlook for HOG and HDFS is Stable. A complete list of ratings follows at the end of this press release.
KEY RATING DRIVERS - HOG
HOG's ratings continue to reflect its strong credit profile, including low motor company leverage and relatively... More
April 21, 2016 12:43 PM EDT
An Harley-Davidson (NYSE: HOG) earnings beat in 1Q did not seem to be enough to calm investor concerns over weak U.S. retail sales. HOG's near-term multiple and share price will largely be dictated by 3 factors outside of the co's control: FX, housing and oil, Morgan Stanley analyst Adam Joneas notes. No change to Overweight rating or $54 PT.
Although 1Q earnings beat expectations, the recent share performance suggests investors remain skeptical. Weak U.S. retail sales (-0.5% y/y in 1Q) and higher credit losses and delinquencies impacting HDFS op. income overshadowed better-than-expected operating... More
