Harley-Davidson Down 5% After Citi Report Discusses Slower Sales

Harley-Davidson

is trading lower on the session following a Citigroup note discussing slower retail sales. Citigroup maintained its Buy rating and $61 price target on the company. 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." Harley-Davidson is currently trading at $48.20, a loss of $2.47 or 4.87%.