Australia's Treasury Wine rises as Citi says AGM update modestly positive

** Shares of Treasury Wine Estates TWE.AX climb 1.8% to A$5.795, their highest since August 17

** Stock on track to log biggest intraday gain since October 2, if current trend holds
** Citi says TWE AGM update was modestly positive versus the FY26 result

** Brokerage says Penfolds China 1Q27 depletions were slightly ahead of company expectations, while US power brands and regional heroes continued to show strengthened growth

** Citi notes initiatives delivering an A$40 million ($27.89 million) benefit in FY27, adding this could indicate upside to TWE's A$40 million net cost reduction target for FY27

** Citi rates stocks "buy" and a A$6.95 target price

** Stock up over 10.1% YTD, including the session moves

($1 = 1.4341 Australian dollars)