2345 GMT - Goldman Sachs analysts see mixed signals on Chinese demand for Treasury Wine Estates' Penfolds brand. Scanning e-commerce shopping channels for clues, they see the February price of Penfolds Bin 389 wine sitting close to where it was before the Lunar New Year celebrations. This is 17% lower than the prior month's tracking price and points to potentially weaker demand, they write in a note. However, the price of Bin 407 wine has increased on pre-Lunar New Year levels and is consistent with the prior month. They reckon this as evidence of strong retail demand. GS has a buy rating and A$13.00 target price on Treasury shares, which are up 0.75% at A$10.73 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 05, 2025 18:45 ET (23:45 GMT)
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