24 June 2026 | 6:34AM AEST Equity Research Treasury Wine Estates (TWE.AX) Upside to consensus Penfolds EBITS in FY27/FY28E if all goes to plan... initiate at Neutral. TWE.AX 12m Price Target: A$5.20 Price: A$4.62 Upside: 12.6% We initiate coverage of TWE at Neutral PT $5.20. We see upside to consensus Penfolds FY28E EBITS on a significant step up in sell-in growth (+18% yoy) off the FY27 base impacted by de-stocking. We are +6%/+15% ahead of consensus Penfolds EBITS in FY27/28E. This is partially offset by ...