By Christiana Sciaudone
Investing.com -- Harley-Davidson (NYSE:HOG) has swayed yet another analyst that a turnaround will bear fruit. Shares are up 4.5% on Wednesday after UBS followed BMO Capital in upgrading the motorcycle maker.
UBS bumped its rating to buy from neutral and gave Harley-Davidson a price target of $31, Seeking Alpha reported. The average price target of analysts tracked by Investing.com is $26.75. The stock has seven buys, 10 holds and one sell.
It was trading around $28.60 during the morning session. On Tuesday, BMO raised HOG to outperform from market perform and boosted its price target to $33 from $23, MarketWatch reported. New Chief Executive Officer Jochen Zeitz, named in May, is expected to drive much-needed change at the company.
Shares are trading at a price-to-earnings ratio of 11, versus 16 for the average long-term ratio of the Dow Jones, according to data compiled by Investing.com and Zacks Investment Research. Last week, Harley-Davidson said it would cut 700 positions across global operations, with about 500 expected to exit in 2020.
The chief financial officer also exited the company at the time. Harley-Davidson said it is overhauling its global operating model to become a “leaner, more nimble” organization.