** Shares of Australia's Treasury Wine Estates fall as much as 0.7% to A$12.12
** UBS rates TWE, which owns the Penfolds brand "buy" and has a PT of A$14
** Remains "buy" rated in part on the back of a likely situation that China wine exports restart once tariffs end
** UBS while looking at the results of US wine group The Duckhorn Portfolio said the US firm noted that broader luxury wine segment is broadly flat in the country
** Says retailers are cutting back on inventory levels and consumers are becoming more cautious
** Brokerage says wine retailers and wholesalers have been destocking reflecting a more cautious view on demand with rising focus on working capital
** Stock has risen 14.6% this year, as of last close
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com;))
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