Harley-Davidson Stock Drops as Wells Fargo Analyst Slashes Price Forecast on ‘No Clear Relief in Sight’

FomoAnxiety · 2026-03-12T03:42:10+00:00

Harley-Davidson's stock dropped 3.75% after Wells Fargo analyst Anthony Bonadio initiated coverage with an “Underweight” rating and a price target of $15. He criticized the company’s failure to meet modern customer demands, issues with dealer relationships, and noted the significant costs required for brand recovery. Overall, analysts suggest a cautious approach, with a Hold consensus rating.

FomoAnxiety

2026-03-12 03:42:10

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Harley-Davidson stock HOG -3.75% ▼ fell 3.75% by the end of trading yesterday after a major bank gave the company a very bad review. Anthony Bonadio, an analyst at Wells Fargo WFC -1.81% ▼ , started his coverage of the bike maker on March 11, 2026, with an “Underweight” rating. He also set a low price target of $15, which means he thinks the stock could drop another 17% from its recent levels.

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Wells Fargo Sees Years of Failure

The analyst was very direct about why he doesn’t like the stock right now. He believes the company has failed to keep up with what modern customers want. In his report to investors, Bonadio wrote: “HOG has suffered years of underperformance with no clear relief in sight.” He also noted that having three different CEOs in just ten years has made it hard for the company to have a clear plan, stating: “The list of questions on HOG at the moment is long, existential, and underscores little visibility around ultimate earnings power.”

Harley’s Dealer Problems Make Growth Harder

Another big worry for the bank is the health of the dealers who sell the motorcycles. Bonadio believes the relationship between the company and its sellers has been damaged by bad planning and low sales. He wrote: “Relationship repair will take time, and traffic remains a problem.” While the new CEO, Artie Starrs, is trying to fix these issues, Wells Fargo warned that things might need to get even worse before they start to get better.

It Will Cost a Lot to Fix Harley-Davidson

The report also mentioned that it will cost a lot of money to actually fix the brand, which will hurt short-term profits. Even though the stock price is low right now, Bonadio isn’t convinced it’s a good deal yet. He finished his report by saying that any proof of a real turnaround “looks distant at best.” For now, the stock is struggling as the company tries to find a way to win over younger riders without losing its old-school fans.

Is Harley-Davidson Stock a Good Buy?

According to data from seven Wall Street analysts over the past three months, Harley-Davidson stock (HOG) carries a Hold consensus rating based on two Buy, three Hold, and two Sell ratings.

The average 12-month HOG price target stands at $20, implying a potential upside of 9.9% from the current price.

See more HOG analyst ratings

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