-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將HOG的12個月目標價上調4美元至26美元，基於2027年16.3倍的市盈率，該市盈率較HOG過去10年的平均預期市盈率13.2倍存在合理的折讓。我們將2026年每股盈餘預期從1.40美元下調至0.45美元，並將2027年每股盈餘預期從2.15美元下調至1.60美元。 HOG公佈的2026年第一季每股收益為0.22美元，較2025年第一季的1.07美元下降79%，低於市場預期1美分。業績不如預期的原因是利潤率低於預期，摩托車收入下降2%至10.6億美元（比市場預期高出6000萬美元），主要原因是摩托車出貨量下降3%。該公司維持了先前發布的2026年業績指引。我們認為，該股仍缺乏利多因素，摩托車需求依然疲軟。然而，我們認為該股目前仍被低估，因為其適度的資本支出需求使其能夠產生強勁的自由現金流。儘管本季業績不如預期，但一個正面的訊號是，該公司在第一季回購了660萬股，耗資1.28億美元，較近幾季大幅成長。事實上，HOG第一季的平均流通股數量較去年同期下降了11%。我們維持「持有」評等。
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