Harley-Davidson price target lowered to $31 from $34 at Citi

Citi lowered the firm’s price target on Harley-Davidson (HOG) to $31 from $34 and keeps a Neutral rating on the shares. The firm sees “poor” momentum and a difficult backdrop into 2025 for the company. It is difficult to digest the double-digit retail decline to finish the year, the sequential deterioration of dealer comfort with current levels of retail inventory, and the apparent build-up in weeks-on-hand inventory, the analyst tells investors in a research note. Citi believes Harley-Davidson also faces difficult innovation comparisons, with a lack of a game-changing product slated for MY25 relative to the long-awaited revamp in MY24.