Harley-Davidson price target lowered to $45 from $55 at BofA

BofA lowered the firm’s price target on Harley-Davidson to $45 from $55 and keeps a Buy rating on the shares. Dealer foot traffic and registration data indicate the higher rate environment is pressuring unit sales and new model demand appears to be tapering off while Harley is not easily able to pivot production to high demand Trikes models, the analyst tells investors in a research note. The firm sees some downside risk to current guidance, and does not believe Harley-Davidson will fully recoup lost production from the recent production shutdown given dealer inventory levels.