UBS upgraded Harley-Davidson to Buy and increased its price target to $63 from $60. The firm upgraded shares based on valuation and new balance sheet strategy following changes at the board and CEO level. Harley-Davidson announced an additional 20M share buyback yesterday on top of the existing 15.9M and UBS believes the move signals a shift in strategy towards shareholder returns.
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Harley-Davidson continues to expect: HDMC revenue flat to down 9% and operating income margin of 12.6%-13.6%, HDFS operating income flat to up 5%, LiveWire electric motorcycle unit sales of 1,000 to 1,500 and Harley-Davidson capital investments of $225M-$250M.