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I bought Treasury Wines some months ago and was very happy at the increase in share price. But recently it has been going down and I don’t really know why.
What is happening to make the share price go down and do I hang on?
A: I think Treasury Wine Estates is in the “hold” category. There is no immediate catalyst for it to be re-rated. China remains closed, and it is way too early to determine how their strategy of diversifying to other markets will pan out.
The share price has a bit of a floor because it remains an interesting asset – it is potentially a takeover target.
The brokers are neutral on the stock. According to FN Arena, of the 7 major brokers, there are 6 neutral recommendations and 1 sell recommendation. The consensus target price is $10.61, about 3.1% higher than the last ASX price. The range is tight, from a low of $9.30 to a high of $11.30.
Buyers and holders will need to be patient .
