The company could miss on its e-motorcycle goals, which would weigh on overall growth expectations.
Harley-Davidson may struggle to expand its customer base more than investors expect, Jefferies warned Tuesday. Analyst Anna Glaessgen initiated coverage of the stock as underperform with a price target of $39, which implies downside of 18.6% over from Monday's close. Harley-Davidson shares dipped 1.7% in the premarket. "Simply put, we lack confidence in the go-forward demand trajectory for heavyweight motorcycle segments," she said in a note to clients.
New management that has cut costs and improved markets and per-unit profit has helped investors believe in the stock and gravitate towards a narrative of it bucking broadly bearish market sentiment, Glaessgen said. But Glaessgen said "the recent retail inflection lacks legs," noting those who are bullish on the stock underestimate the challenge of growing its consumer base.
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