0046 GMT - Treasury Wine bull UBS remains upbeat on the Australia-based vintner after export data painted a somewhat mixed picture. Quarter-on-quarter growth to the key China market was mixed, with the December 2024 quarter up on the September 2024 quarter, but the March 2025 quarter was down on the December 2024 quarter. UBS says that reflects quarterly demand variations, with Chinese New Year volumes skewed to the December quarter. For now, UBS retains its buy rating, saying that Treasury's ability to deliver on growth guidance for its Penfolds luxury brand, for which China is an important market, will be a key driver of the stock price. UBS sees Treasury rising to A$14/share in the next year, compared to A$8.95/share in recent trade. (mike.cherney@wsj.com)
(END) Dow Jones Newswires
April 29, 2025 20:46 ET (00:46 GMT)
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