0225 GMT - Treasury Wine Estates still merits caution for UBS analysts despite recent supportive Australian wine export data for the company's ongoing transformation. Analysts tell clients in a note that the value of June-quarter exports was up 2.3% from a year earlier despite a 2.4% decline in volumes, showing higher-priced premium wines are outperforming the broader market--what Treasury Wine has been seeing for some time. The analysts point out that demand from mainland China remains subdued, but that the appetite for luxury brands--which includes Treasury Wine-owned Penfolds--is improving. The analysts acknowledge the Australian vintner's plan to become more focused, but see significant execution risk and weak underlying alcohol demand. UBS has a neutral rating on the stock and a target price of 5.00 Australian dollars. Shares are down 0.1% at A$5.045.