Citi Upgrades Harley-Davidson to Buy Amid Signs of Turnaround
Harley-Davidson is showing signs of recovery after years of decline, according to Citi analyst James Hardiman. He upgraded the stock from neutral to buy with a new price target of $33, implying potential upside of over 34%. The upgrade follows positive retail sales in early 2026 and expectations for strong September performance that could exceed current forecasts. Hardiman raised his earnings estimates for Q3-Q4 2026 as well as full-year projections through 2028, citing improving demand. Despite a challenging period since the end of 2022—during which shares fell nearly 41% compared to gains in the S&P 500—the stock has risen almost 20% this year and jumped over 3% premarket following Citi's upgrade. The analyst’s positive outlook contrasts with a Wall Street consensus that remains cautious, as only six of seventeen analysts covering Harley-Davidson have buy ratings. Earnings for Q3 are expected to fall sharply in October.
Topics: Citi Analyst Harley-Davidson Market Outlook Stock Upgrade