Citigroup Maintains Buy on Harley-Davidson After April/May Retail Sales

Citigroup has published a research report on Harley-Davidson

after the company reported April and May retail sales. In the report, Citigroup writes, "While some investors may view the deceleration negatively, we'd note the following: (1) April may have been negatively impacted by the "pull forward" of demand from Dec-March, which had very favorable winter weather; (2) trends are volatile month to month, so we wouldn't put too much weight on a 5-week sales period; (3) many dealers mentioned that sales were negatively impacted by bike shortages." Citigroup maintains its Buy rating and $61 price target on Harley-Davidson, which is currently trading down $2.47 from yesterday's $50.67 closing price.