Treasury Wine Estates' (ASX:TWE) exposure to RNDC's "not surprising" wind down is expected to be modest after its distribution services were reduced since last year, Jefferies said in a note on Tuesday.

The investment firm said the limited impact could result in any claim against Treasury Wine Estates being less than $1.6 million, as RNDC currently distributes the winemaker's products in only five states compared with more than 20 States last year following its exit from California.

In contrast to RNDC, Breakthru is performing better, while Reyes has strong interest in growing its wine distribution business.

The brokerage sees value in Treasury Wine Estates but remains cautious due to risks in the US and China markets, including high inventory levels.

Jefferies maintained a hold rating and price target of AU$5.00 on Treasury Wine Estates.