Harley-Davidson price target lowered to $33 from $35 at Citi

Citi lowered the firm’s price target on Harley-Davidson to $33 from $35 and keeps a Neutral rating on the shares. The analyst says the “long-awaited retail recovery continues to get pushed out,” while inventory risk “only adds to the demographic bear case.” Harley-Davidson shares have been the biggest underperformer in the powersports group dating back to prior to the pandemic, but Citi’s most recent channel checks point to lackluster demand trends, the analyst tells investors in a research note. The firm says the company’s inventories appear to be building, which is evidence of significant shipments in the quarter, creating a “significant potential headwind” into 2024.