Harley-Davidson price target lowered to $55 from $65 at BofA

BofA lowered the firm’s price target on Harley-Davidson (HOG) to $55 from $65 and keeps a Buy rating on the shares after the company announced that CFO Gina Goetter will be leaving and current Vice President and Treasurer David Viney will serve as interim CFO. Goetter is leaving to join Hasbro (HAS) as CFO effective May 18 and the firm believes this move reflects a broader role and compensation opportunity rather than issues at Harley. However, the firm lowered its price target as it has lowered its Q1 U.S. retail unit sales forecast given weather challenges, tightening of credit standards, and higher interest rates that it thinks likely impacted dealer network unit sales in the U.S.