BMO Capital analyst Tristan Thomas-Martin lowered the firm’s price target on Harley-Davidson to $45 from $55 but keeps an Outperform rating on the shares. The company’s Q3 earnings were slightly ahead of expectations on lower-than-expected revenue, and while the management maintained prior 2023 guidance, a combination of elevated dealer inventory levels and an investor desire for companies to be cautious around forward projections led to the stock selling off, the analyst tells investors in a research note. Harley-Davidson faces the challenge of a secular decline in the sport of motorcycling, but renewed enthusiasm for outdoor recreational activities spurred by the COVID-19 pandemic has given motorcycling a new life and the company a great opportunity to acquire new customers, the firm added.
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