Shares of Harley-Davidson (HOG) - Get Harley-Davidson, Inc. (HOG) Report were down slightly on Monday after coverage of the motorcycle maker's stock was initiated at Aegis Capital with a "Hold" rating and a $49 price target.

A slowdown in retail sales industry-wide the last few quarters, along with "the resulting need to slow down shipment levels to bring down dealer inventory levels," has caused Aegis analyst Rommel Dionisio to remain cautious on Harley-Davidson. 

"We would prefer to await greater visibility behind a potential rebound in sales before becoming more bullish on the stock," he added.

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Shares of Harley-Davidson are lower by over 18% year-to-date.

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