Harley-Davidson price target lowered to $42 from $50 at Baird

Baird lowered the firm’s price target on Harley-Davidson to $42 from $50 and keeps an Outperform rating on the shares. The firm said its Q3 dealer checks revealed significant retail declines as higher interest rates and macroeconomic concerns pressure the leisure buyer. New bike inventory was balanced, mitigating the downside risk of a destock, but dealers expressed frustrations with the mix and allocation of certain bikes.