BUZZ-Treasury Wine slips; China benefits to offset US luxury wine slowdown

Reuters03-11

** 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;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment