Morgan Stanley analyst Adam Jonas upgraded Harley-Davidson to Overweight from Equal Weight with an unchanged price target of $50, citing confidence in the Hardwire strategy, "containment" of electrification risks and a pullback in the shares that has made the valuation "attractive" under $40 per share. After having recently spent a full day with management in Milwaukee, the firm has increased conviction in CEO Jochen Zeitz’s focus on generating cash flow from the core motorcycle business while prudently managing the risks of the Livewire business, the analyst tells investors.
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Published first on TheFly
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