UPDATE: Citigroup Raises PT on Harley-Davidson on Positive Outlook

In a report published Monday, Citigroup analyst Gregory R Badishkanian reiterated a Buy rating on Harley-Davidson (NYSE: HOG), and raised the price target from $64.00 to $72.00.

In the report, Citigroup noted, “We view HOG as a high conviction long idea. Not only are our checks seeing strong sales acceleration during 3Q to date, but we are optimistic that the new products launch in mid August will drive sales momentum over the next few quarters. Our checks show HOG's August/Early September U.S. retail sales are up 13 to 15%; July up 8 to 11% vs sales up only 4.4% in 2Q. Poor weather is no longer impacting results, so sales are accelerating to more normalized levels. As consumer confidence increases and buyers become more comfortable with the economy, the market for big ticket leisure items is doing well.”

Harley-Davidson closed on Friday at $61.97.