0408 GMT - Treasury Wine Estates' internal numbers appear to present a more optimistic picture of U.S. wholesaler depletions than external data, Jefferies analyst Michael Simotas warns. He tells clients in a note that Nielsen data for the four weeks to Sept. 5 suggests that Treasury Wine has narrowed its performance gap to rivals, but that wholesalers appear to be running down inventory at a slower rate than suggested by the Australian vintner's own data. Simotas says Treasury Wine's promotional intensity increased relative to the market, but that it still needs to tackle excess channel inventory. Jefferies has a hold rating on the stock and a target price of 6.00 Australian dollars. Shares are down 0.4% at A$5.14.