Jefferies raises PT on Australia's Treasury Wine TWE.AX to A$14.50 from A$13.50, maintains a 'buy' rating on the stock. Says while co's results were in line with its estimates, strong result from Asia provided evidence that wine has been reallocated from China very quickly, despite the disruption caused by COVID-19. Expect reallocation to continue and to be compounded by a COVID recovery in higher margin channel, and continued premiumisation, paving the way to high single digit growth. - Analysts at Jefferies have raised co's FY22 underlying profit estimates by 3.8% to A$334.5 mln ($239.03 mln) While value of inventory declined by 9%, the inventory of co's luxury and premium products is sufficient to deliver our forecast for FY22 - Five of 15 analysts rate the stock 'buy' or higher, seven rate it 'hold' and three 'sell'; their median PT is A$12.20
