Citi Upgrades Harley-Davidson to Buy on Retail Growth

Citi analyst James Hardiman upgraded Harley-Davidson to a buy rating from neutral and raised the price target to $33. The upgrade follows a multiyear slump in which the motorcycle manufacturer's stock fell 41% since the end of 2022 due to weakening sales.

Hardiman based the upgrade on positive domestic retail growth during the first half of 2026 and continued strength through August. He suggested that September retail figures could increase by double digits, which would put the company on pace to significantly outperform current expectations and establish a multi-year growth story.

This outlook contradicts the broader Wall Street consensus, where 11 of 17 analysts maintain hold or underperform ratings. Harley-Davidson is expected to report third-quarter 2026 results around October 28. LSEG analysts currently predict a revenue slip of approximately 1% and an earnings drop of over 80% compared to the previous year.