UPDATE: Deutsche Bank Raises PT on Harley-Davidson on Headwinds

Deutsche Bank analyst Rod Lache published a report on Harley-Davidson

that maintained its Hold rating and raised its 12-month price target from $47 to $52. Deutsche Bank reported that, “We are adjusting our 12-month target to $52 from $47 based on 15x our 2014 estimate of $3.45 (prior estimate was based on 15x 2013). Our 2014 estimate incorporates 5% volume growth vs. our 2013 expectations. On the positive side, there are several scenarios that could result in upside to this forecast over time. 2008 industry volume and 2012 market share could drive EPS of $5.00 and potential target of $75. Potential negatives include the aforementioned headwinds from market share (i.e. new competitors), FX, and interest rates.” Shares of Harley-Davidson closed at $54.79 on Wednesday.