Wedbush Stays Bullish on Harley-Davidson; Recent Survey of Dealerships Indicates September Pick-up (HOG)

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Motorcycle maker Harley-Davidson, Inc. ( HOG ) 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 Wednesday.

The Bottom Line
Shares of Harley-Davidson ( HOG ) 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. ( HOG ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: HOG

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