Jefferies analyst Anna Glaessgen upgraded Harley-Davidson to Hold from Underperform with an unchanged price target of $39. The analyst sees a more balanced risk/reward with the shares at the price target. However, the firm remains cautious on Harley-Davidson’s retail demand stabilization "amid a shaky macro backdrop" and risks stemming from Harley-Davidson Financial Services due to credit losses and rising rates. Jefferies sees it as unlikely that its downside case of $21 per share pans out prior to more meaningful progress through the retail season.
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Published first on TheFly
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