BMO Capital analyst Gerrick Johnson upgraded Harley-Davidson (HOG) to Outperform from Market Perform with a price target of $33, up from $23.

The stock closed Monday down 48c to $25.92.

The analyst is more positive about the outlook for the company given recent management changes. New CEO Jochen Zeitz brings a "high level of credibility that has been embraced by investors," Johnson tells investors in a research note.

As strategic changes are implemented and used bike prices and dealer inventory levels improve, evidence of Harley-Davidson's turnaround should begin to take hold, contends the analyst.