NEW YORK (TheStreet) -- Harley-Davidson (HOG) shares are are up 5.14% to $59.57 in morning trading on Thursday after the motorcycle maker had its long term and short term rating maintained by credit ratings firm Moody's (MCO).
The firm said that while Harley-Davidson's decision to take on debt to finance its proposed $750 million share buyback program is a credit negative event, Moody's is maintaining its A3 long-term rating, Prime-2 short-term rating and stable outlook on Harley-Davidson Financial Services remain unchanged.
Separately, analysts at UBS upgraded the stock to "buy" from "neutral" with a $63 price target today due to the expanded share repurchase program.
The company announced that it is adding 20 million shares to its buyback program.
TheStreet Ratings team rates HARLEY-DAVIDSON INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HARLEY-DAVIDSON INC (HOG) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins, growth in earnings per share, increase in net income and attractive valuation levels. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: