Harley-Davidson's focus on bread-and-butter business can lift the stock by more than 30%, Morgan Stanley says

It's worth hopping on Harley-Davidson due to the company's focus on the core business and better-off consumer, according to Morgan Stanley. Analyst Adam Jonas upgraded the motorcycle maker to overweight from equal weight. His price target of $50 implies the stock could gain 33.2% from where it closed Monday.

HOG YTD mountain Harley-Davidson Jonas also said he's increased his optimism around Chairman and CEO Jochen Zeitz's focus on generating cash flow from the core motorcycle business, while simultaneously managing risks related to spun-off electric motorcycle maker LiveWire . Jonas said Zeitz's business has a "back to basics" that's proving useful amid lingering supply chain challenges and a changing consumer spending outlook.

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