** Jefferies raises price target for Treasury Wine Estates TWE.AX to A$11.50 with a 'buy' rating

** Sees the wine maker benefiting from its rebuilding strategy in the Chinese market

** Expects TWE to re-allocate increased volumes from its Penfolds winery operations to non-China markets

** In early June, Co had announced that one of its distributors will cease ops in the U.S. and downgraded FY EBITS to ~A$770 million ($502.66 million)

** 9 out of 15 analysts rate the stock 'buy' or higher while 6 rate it 'hold'; median price target is A$10.20 - data compiled by LSEG

** YTD, TWE down 28.8% as of last close

($1 = 1.5319 Australian dollars)

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((JasmeenAraIslam.Shaikh@thomsonreuters.com;))