Analyst Sees Upside for Harley-Davidson Stock

Puts have been more popular than usual in the options pits

Digital Content Manager
Mar 21, 2023 at 10:51 AM
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Harley-Davidson Inc (NYSE:HOG) stock is up 4.4% to trade at $39.22 at last check, after Morgan Stanley upgraded the motorcycle name to "overweight" from "equal weight." The analyst in question said the company may see more than 30% upside as it focuses on its main business.

The brokerage bunch is skeptical toward HOG, with six of eight covering firms rating it a tepid "hold," and only two calling it a "strong buy." This means there's plenty of room for others to follow Morgan Stanley's lead, which could boost the equity even more. 

A sentiment shift in the options pits could generate additional tailwinds, per the stock's 10-day call/put volume ratio of 5.16 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 85% of readings from the past year. 

The 10-day moving average has been pressuring HOG lower since late February, though the $37 region contained further losses, an area that is the site of a pre-earnings bull gap back in October. Harley-Davidson stock added 24.5% over the last nine months, but is down 6.1% year-to-date. 

 

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