0414 GMT - Treasury Wine Estates' annual earnings get a positive reaction at RBC following the Australian producer's multiyear downgrade cycle. Analyst Michael Toner tells clients in a note that fiscal 2026 earnings are stronger than both company guidance and consensus forecasts, and sees fiscal 2027 guidance implying a small upside to his prior expectations. As for the company's latest A$558.4 million in write-downs, Toner accepts that fallowing vineyards and rebalancing supply are necessary in a challenging demand environment. RBC has a last-published sector perform rating on the stock and a target price of 5.00 Australian dollars. Shares are up 4.8% at A$5.69.