In recent developments, analysts at Jefferies have escalated the price target for Australia’s Treasury Wine Estates (ASX:TWE) to A$13.50/share, marking an increase from A$13.00.

The company shared on Tuesday that it is poised to drive growth in fiscal 2024, relying on the escalating demand for luxury wine across the globe this year.

The brokerage highlighted that the management’s insights were in alignment with the market’s estimations, with the company set to redirect focus to the potential removal of China tariffs.

Moreover, analysts at Citi expressed that the company continues to perform admirably with its flagship brand, Penfolds.

However, they project uncertainty surrounding the medium-term future of U.S.

operations.

Subsequently, Citi also elevated the price target to A$10.50/share from A$10.25 per share.

The group has repositioned more wine than anticipated to markets other than China.

Jefferies predicts that China will likely eventually open back up to Australian wine.

Furthermore, the company’s stock concluded at a 2.8% upswing on Tuesday, although it has dipped 14% this year, as of the last closing.

Treasury Wine Estates is an Australian wine company with a broad portfolio of globally recognized signature brands.