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Wells Fargo (NYSE: WFC) Raises Valuation Range on Harley-Davidson (NYSE: HOG)

San Francisco-based Wells Fargo & co (NYSE: WFC) reiterated its “outperform” rating on Harley-Davidson (NYSE: HOG) and raised its valuation range to $36-$38 from $31-$33.

The company’s analyst wrote, “Harley is well positioned as the global leader in the heavyweight motorcycle market given its iconic brand (image and lifestyle) and solid financials, in our view.”

Separately, Deutsche banked lowered their rating on Harley Davidson from “buy” to “hold” and set a new price target on $33.50 citing valuation. Deutsche Bank said that there is the possibility for further upside, but it would require a more meaningful recovery in motorcycle demand.

Wells Fargo (NYSE: WFC) Raises Valuation Range on Harley-Davidson (NYSE: HOG)