** Treasury Wine Estates TWE.AX shares rise 0.8% to A$7.94, their highest level since June 25 and set for fourth consecutive session of gains
** Jefferies says U.S. wine trends remain difficult, echoing the Penfolds wine producer's recent commentary
** Brokerage acknowledges structural challenges, but forecasts cyclical improvement with observing modest growth in higher-priced wine segments
** Expects disruption from TWE's impending California distributor transition
** Highlights upside as stock trades near asset value, due to Penfolds brand strength
** Stock down ~30% YTD
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))
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