2347 GMT - Execution risks related to Treasury Wine Estates' turnaround plan keeps UBS analyst Shaun Cousins neutral on the stock despite positive early signs. Cousins is positive on the Australian vintner's progress in clearing excess Penfolds inventory from distributor channels, and likes the brand's growth potential in China from its positioning as a luxury offering. He also sees signs of stabilization in the U.S. wine market and movement on clearing excess inventory there. However, he tells clients in a note that risks remain as Treasury Wine rebalances output with demand. UBS lifts its target price on the stock 4.0% to 6.50 Australian dollars. Shares are at A$5.77 ahead of the open.
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