UPDATE: Wunderlich Securities Initiates Coverage on Harley-Davidson with Hold Rating, $57 PT on Increasing Competitive Threat

In a report published Friday, Wunderlich Securities analyst Rommel Dionisio initiated coverage on

with a Hold rating and $57.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Harley-Davidson, Inc. (HOG), the leading U.S. manufacturer of motorcycles, with a Hold rating and $57 price target, which is derived using an EV/2015E EBITDA multiple of 9.7x. Harley-Davidson has, over the past 110+ years, successfully established itself as a truly iconic American brand, and now accounts for about half of all heavyweight bikes sold in the U.S. In addition, HOG is well positioned to benefit for many years to come from its growing presence and expanding dealer network in emerging markets. However, we are cautious on the stock near term, given increasing competitive challenges from Indian and Moto Guzzi, while the stock's already-premium relative valuation likely limits potential price appreciation.” Harley-Davidson closed on Thursday at $60.98.