Shares of the company at last check were rising 3% to $41.82.
Analyst Shawn Collins, who has a buy rating on the company, raised his price target to $47 a share from $39.
The analyst said in a note to investors that Harley-Davidson would unveil its 2021-2025 strategic plan and fourth-quarter results on a Feb. 2 webcast.
Collins said he expected investors would "receive greater clarity on priority markets that Harley plans to focus on, overall strategic direction, and most importantly financial goals."
Harley-Davison said it planned to concentrate on about 50 markets, primarily in North America, Europe and parts of Asia Pacific, that represent a high percentage of the company's expected volume and growth potential.
"We think Harley-Davidson offers a compelling turnaround opportunity," Collins said.
"Harley is an iconic American brand but even before covid the company faced headwinds in the U.S. market (65% sales), including five years of declining sales driven by demographic headwinds and increased competition."
On Tuesday, Harley-Davidson unveiled its 2021 Softail lineup, highlighted by a new Street Bob 114, a restyled Fat Boy 114.
Collins noted that this is a change from the past, when new lineups were introduced in August. The company said it made the change to better align with seasonality.
The analyst said the company would introduce a new motorcycle in the adventure touring category, the Pan America 1250, on Feb. 22.
In October, Harley-Davidson beat Wall Street's third-quarter earnings expectations amid an overhaul of its business model.
"The better-than-expected third-quarter numbers flow through our forward years of 2021E and 2022E, resulting in modest increases in revenue and earnings per share for those years," Collins said.