Milwaukee-based Harley-Davidson Inc.’s common stock shares were upgraded to “outperform” from “market perform” by BMO Capital Markets.
The broker also raised its price target on Harley stock to $60 from $39.
“We think early-season sales have been robust for HOG, benefiting from an improving economy, high gas prices, and amenable weather,” BMO analyst Gerrick Johnson said.
Johnson added that he expects Harley’s motorcycle revenue from sales to flow to the company’s bottom line at an accelerating rate due to recent restructuring efforts, including reduction of labor costs.
