Citigroup Reiterates Neutral, $37 Target on Harley Davidson

Citigroup maintains its Neutral rating and $37 target price on Harley Davidson HOG as the company posts slight EPS beat and solid retail sales growth in fourth quarter. Citigroup says, "HOG's 4Q US retail sales were up 11.8% vs. up 5.4% in 3Q. This compares with the street view of up about 5% and our est of 8% growth. International retail sales were up 9.7% vs. up 4.4% in 3Q. The co attributed the retail sales strength the strong appeal of their product lineup to a diverse customer base, dealer efforts, results from their investments in growth opportunities, and improved U.S. consumer confidence. Our dealer checks indicate retail inventory levels are low, which should benefit 2012 shipments." HOG closed at $41.87 a share on Monday.