Harley-Davidson (HOG) Gets Higher Price Target from Morgan Stanley despite Underweight Rating

Harley-Davidson, Inc. (NYSE:HOG) is included among the 10 Best June Dividend Stocks to Buy.

Harley-Davidson (HOG) Gets Higher Price Target from Morgan Stanley despite Underweight Rating

On May 19, Morgan Stanley raised its price recommendation on Harley-Davidson, Inc. (NYSE:HOG) to $15 from $12. It reiterated an Underweight rating on the shares. The firm increased its 2026 estimates following the company’s Q1 results, pointing to earnings that came in ahead of expectations, improving competitive positioning, and easing tariff pressures. The analyst still maintained an Underweight stance, saying the company’s updated targets “still appear aggressive.”

During Harley-Davidson’s Q1 2026 earnings call, CEO, President, and Director Starrs said North America recorded a 14% increase from the prior year. That performance helped drive global retail sales growth of 8%, despite what he described as a difficult consumer environment. He also noted that the company reduced global inventory by 22% year over year during the quarter. The focus remained on dealer inventory sell-through and aligning wholesale shipments more closely with retail demand.

CFO and Chief Commercial Officer Jonathan Root said consolidated revenue for the first quarter declined 12%. He explained that the drop was mainly tied to a 54% decline in HDFS revenue following the transition to a new capital-light model after the HDFS transaction closed. Root also said first-quarter earnings per share came in at $0.22, while HDMC revenue fell 2% to $1.1 billion.

Harley-Davidson, Inc. (NYSE:HOG) is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Its segments include Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS).

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