Motorcycle maker Harley-Davidson, Inc. (
) on Wednesday received some continued bullish support from
analysts at Wedbush Securities.
The firm reiterated its "Outperform" rating and $58 price target
on HOG, suggesting a 29% upside to the stock's Tuesday closing
price of $45.03.
A Wedbush analyst commented, "Based on feedback from another
survey of over 65 U.S. motorcycle dealers, we believe domestic
retail sales trends for Harley-Davidson declined low- to
mid-single-digits QTD, but have begun to see a pickup in early
Sept. Dealers cited the primary reason for y/y declines in July and
Aug. was the shifted timing of new product launches compared to
last year. A year ago, Harley began shipping new MY12 introductions
as early as June/July. However, as Harley shut down its largest
manufacturing facility earlier this quarter due to a major ERP
implementation, it decided to delay the timing of MY13 product
launches timing to late-Aug."
Harley-Davidson shares were mostly flat in premarket trading
The Bottom Line
Shares of Harley-Davidson (
) have a 1.38% dividend yield, based on last night's closing stock
price of $45.03. The stock has technical support in the $40-$41
price area. If the shares can firm up, we see overhead resistance
around the $47-$50 price levels.
Harley-Davidson, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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