Goldman Sachs analyst David Tamberrino lowered his price target on Harley-Davidson to $45 from $47 while keeping his Neutral rating on the stock, saying his final set of dealer checks for Q1 suggests continued softness in sales. The analyst adds that about 50% of dealers reported annual sales declines, which up from the initially estimated 33%. While Tamberrino lowers his Q1 U.S. retail sales forecast from -7% to -8% annualized decline, he adds that the pent-up demand from adverse weather-induced underperformance will be more evident in Q2, raising his sales forecast to -2.5% decline from his prior -3.0% view.

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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.

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.