Harley-Davidson price target lowered to $32 from $35 at BofA

BofA lowered the firm’s price target on Harley-Davidson (HOG) to $32 from $35 and keeps a Buy rating on the shares. Harley reported Q1 EPS of $1.07, versus the Street at 88c, as HDMC gross margin of 29.1% was above the Street estimate, but shipments of 38,6000 declined 33% year-over-year versus the Street at down 22%, the analyst tells investors. The firm lowered its calendar 2025 EPS view to $3.10 to reflect a reduction in its retail outlook and bases its revised target on calendar 2026 EPS of $4.35, down from $4.70, to reflect a more pressured near-term retail environment, but adds that it believes recent strategy changes could help drive stronger long term growth.