Morgan Stanley Upgrades Harley-Davidson Citing Strategic Confidence

Morgan Stanley ($MS@US) upgraded Harley-Davidson Inc ($HOG@US) to overweight from equal weight, citing confidence in the motorcycle manufacturer’s strategic initiatives. Chairman and CEO Jochen Zeitz stepped into the role at the beginning of the pandemic and used the crisis to improve efficiency in the company and focus on growth initiatives. The company also reduced U.S. shipment estimates and cut its operating income margins to account for adverse macroeconomic conditions. Morgan Stanley also reaffirmed the stock price target of $50.00.