Goldman Sachs Boosts its Price Target, But Downgrades Harley-Davidson to "Neutral" on Valuation (HOG)

Goldman Sachs Boosts its Price Target, But Downgrades Harley-Davidson to “Neutral” on Valuation (HOG)


Goldman Sachs analysts downgraded motorcycle king Harley-Davidson, Inc. (HOG) on Wednesday on a valuation call.

The analysts downgraded HOG from “Buy” to “Neutral,” but raised its price target from $54 to $58. This new target suggests a +6% upside to Tuesday’s closing price of $54.52.

A Goldman Sachs analyst commented, “We remain confident in Harley Davidson’s ability to grow the top-line for the next several years on the back of a recovery in employment in the housing sector in the US, and continued growth in emerging markets. … That said, with shares now trading at 17.2x on our 2013 estimates we believe expectations are already pricing in these growth prospects. While the implementation of ERP at the York facility and the near-completion of the restructuring program have substantially lowered the execution risk, some complex operational milestones remain like the surge at Kansas in early 2014.”

Harley-Davidson shares were down $1.05, or -1.93%, during morning trading on Wednesday. The stock is up +21.86% over the past year.

The Bottom Line
Shares of Harley-Davidson (HOG) have a dividend yield of 1.14% based on last night’s closing price of $54.52.

Harley-Davidson, Inc. (HOG) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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