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Here are the biggest calls on Wall Street on Tuesday:
BMO upgraded the stock after the company and Sycamore agreed to terminate a deal for Victoria's Secret.
"We are upgrading LB to Outperform given our belief that, with the Sycamore news extinguished, noise will dissipate and it will become harder to ignore underlying fundamental value. Although we expect further COVID-19 driven challenges and negative sentiment, with shares -15% in the aftermarket, at ~$10, even if we assume (& perhaps hope for) a structural ~$2bn reduction in VS revenues, we see 50-70% upside."
Argus said in its upgrade of the stock that it was bullish on the company's new strategic plan by its acting CEO.
"We are upgrading Harley-Davidson to BUY from HOLD, reflecting our positive view of the company's new strategic plan, recently announced by acting CEO Jochen Zeitz. We expect the plan, called "The Rewire," to result in a solid recovery for Harley as the economy restarts. The company is also working to mitigate the impact of the pandemic through salary cuts, hiring freezes, and adjustments in its new product launch schedule. It has also suspended share buybacks and cut its dividend. On valuation, HOG shares have fallen more than 40% over the last quarter and are trading near the low end of their 52- week range and at just 6-times our 2021 estimate."