Shares of Treasury Wine (ASX:TWE), an Australian company, shot up by as much as 2.7% to reach A$12.4, marking the largest intraday percentage gain since February 27.

Analysts at UBS attribute the rise to weak performance from the company’s Americas business in the first half of 2024, whose operations are currently being geared towards luxury wine—a move that’s expected to bring a significant boost to Treasury Wine.

The brokerage firm maintains a ‘buy’ rating, although cautioning over the Americas business.

With Penfolds business witnessing growth, 12 out of 15 analysts have rated the stock as ‘buy’ or higher, while two gave a ‘hold’ rating, and one advised to ‘sell’.

The median price target stands at A$13.67, according to LSEG data.

The stock, as of its last close, is up 11.9% this year.

Treasury Wine is an Australian wine company that produces a range of wines under various brand names.