Retail Momentum Continues into May...

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Retail Momentum Continues into May...

Consumer

HARLEY-DAVIDSON (HOG) June 4, 2026

Retail Momentum Continues into May... Rating:

OutperformHarley's 1Q retail momentum continued into April & May as inventory moves Price:

lower in the channel. The turnaround at Harley is starting to take hold, and we $24.25

are incrementally more positive on the underlying trends during the peak riding Price Target:

$30season. New product in 2027 will be key to sustaining the improved retail demand

% Upside:

when promotions eventually normalize. 23.7%

1Q Retail Momentum Continues into May. Retail momentum has continued into Source: FactSet, Wolfe Research

May as promotions have been very successful at driving an inflection in demand. Priced as of 06/03/26

Dealers are also expecting the retail strength to continue through the rest of the core

Greg Badishkanian

selling season. While promo driven sales are usually discounted by investors, it does gbadishkanian@wolferesearch.com

highlight that affordability is a key issue and that there is pent-up demand that can (646) 582-9340

be unlocked when the right price points are met. View Greg’s Research

View HOG Model

Harley Prioritizing Reducing Inventory in the Channel. With retail tracking ahead View Comp Table

of expectations, some Harley dealers are reporting inventory shortages. Some of the Catherine Lee

largest operators have <50 days of inventory on their lots. Inventory is the most clee@wolferesearch.com

important leading indicator for the health of the Harley network, and when this is well (646) 582-9341

managed the stock also tends to perform better. Spencer Hanus

shanus@wolferesearch.com

Product Innovation Still Limited in '26; Next Year Will Be the Real Product Cycle (646) 582-9344

View Spencer’s ResearchStory.