Shares of TWE have dropped about 6% since posting an all-time high of $14.64 on September 11th.
There’s no question that TWE is one of the most solid performers on the ASX and we have bought and sold it successfully for client accounts several times this year.
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With the company making an accelerated push into the US premium wine market, we feel this pullback will offer another good buying opportunity in the near-term.
In addition, TWE is only $100 million into their $300 million stock buyback scheme, which should also offer price support at lower levels.
We see scope for a move back to $13.10 and will update when an ALGO buy signal is triggered.
Treasury Wine Estates
