0016 GMT - Treasury Wine Estates' bulls at Goldman Sachs think that the Australian producer needs to build market confidence in sell-through rates of its prestige Penfolds brand in China. The GS analysts are cautious on management claims that second-half Penfolds sales are constrained by supply. They tell clients in a note that their checks on retailers have uncovered discounted prices for Penfolds Bin 389, as well as parallel import products heavily discounted relative to official prices. GS keeps a buy rating and A$12.90 target price on the stock, but say more evidence is needed to justify a share-price re-rating. The stock is up 4.4% at A$10.97. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 13, 2025 19:17 ET (00:17 GMT)
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