Goldman Sachs analyst David Tamberrino lowered Harley-Davidson's price target to $46 from $51 following the Q2 report saying retail sales trends worsened and full year guidance was reduced. The analyst believes secular pressures on new motorcycle sales continue to weigh due to an aging core US demographic and a saturation of used bikes. Tamberrino said it does not appear that there is much in the way of incremental new riders being added and said the growth algorithm appears to be slowing. The analyst rates Harley-Davidson a Neutral.

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Harley-Davidson continues to expect: HDMC revenue flat to down 9% and operating income margin of 12.6%-13.6%, HDFS operating income flat to up 5%, LiveWire electric motorcycle unit sales of 1,000 to 1,500 and Harley-Davidson capital investments of $225M-$250M.

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