Harley-Davidson is regaining momentum after a multiyear slump, according to Citi analyst James Hardiman, who upgraded the motorcycle manufacturer to buy from neutral. His price target of $33, up from $31, implies upside of roughly 34% from Friday’s close. Shares are up nearly 20% in 2026, though they fell in each of the last three years and dropped 41% since end-2022 as the S&P 500 doubled. Hardiman believes a turnaround is underway, with checks suggesting September retail sales could rise double digits, potentially putting Harley on pace for its strongest retail momentum in years. He raised estimates for Q3 and Q4 2026, as well as full-year 2027 and 2028. The company is expected to report Q3 2026 results around Oct. 28, with analysts polled by LSEG forecasting earnings down more than 80% year-over-year and revenue down around 1%. “Looking forward, the demand strength in 2026 could transition into a multi-year retail growth story,” Hardiman said. Harley shares popped 3% in premarket trading following the upgrade, going against Wall Street consensus where 11 of 17 covering analysts hold a hold or underperform rating.
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