Harley-Davidson's stock rallies after Morgan Stanley urges investors to buy, citing improved valuation and confidence in management.
Shares of Harley-Davidson Inc. charged higher Tuesday, after Morgan Stanley analyst Adam Jonas urged investors to buy, citing their recent selloff, coupled with confidence in the motorcycle maker’s management and diminished electrification risks.Harley-Davidson’s... Shares of Harley-Davidson Inc.
Jonas raised his rating to overweight from equal weight, as his $50 stock price target implies more than 25% upside from current levels. He said falling below the $40 level has brought the stock valuation to well below historical average: “We believe the risk/reward of the stock is skewed to the upside amid the recent selloff,” Jonas wrote.
But he said his new bullish stance on Harley starts with management, and the moves Chief Executive Jochen Zeitz has made since he took the reins of the company in May 2020. Those moves include rationalizing product lines, consolidating the dealer network and carving out the LiveWire business, which was the company’s electric-motorcycle business.
Since then, the stock has nearly doubled, after tumbling more than 60% in the three years prior. Meanwhile, since LiveWire Group Inc.’s stock LVWR made its debut on the New York Stock Exchange on Sept. 27, 2022, after the reverse merger with special-purpose acquisition company AEA-Bridges Impact Corp. was completed, it has dropped 23.5%.
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