DA Davidson analyst Griffin Bryan raised the firm’s price target on Harley-Davidson (HOG) to $34 from $31 and keeps a Buy rating on the shares. The company’s Q2 earnings were largely overshadowed by the announcement of its HDFS transaction with KKR and PIMCO, and the firm views the deal as “clearly transformational”, aiding Harley-Davidson’s balance sheet while providing additional optionality from the unlock of greater than $1B in cash, the analyst tells investors in a research note. The ongoing developments within HDMC – Harley-Davidson Motor Company – including its inventory reduction, sequential retail strength, and new $6K bike are also seen as “underappreciated catalysts” moving forward, the firm added.
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