2250 GMT - Treasury Wine Estates' bull at Citi is waiting on June-half industry data before getting more excited about positive signs on exports to China. Analyst Sam Teeger tells clients in a note that it's possible to argue that the recovery of Treasury's exports to China--following the removal of that country's tariffs on Australian wine--is exceeding expectations given economic softness. Positive industry data is consistent with recent company comments, but Teeger points out that volumes could be a function of restocking activity and wants to see how this plays out over coming months. Citi has a buy rating and A$12.97 target price on the stock, which is at A$10.47 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 29, 2025 17:50 ET (22:50 GMT)
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