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Brokers have rushed in to downgrade Treasury Wine Estates (TWN) following its surprise $160m write-off which saw its share price tank 12.5% to $5.11 in response to the news. CIMB has lowered TWN's rating to Underperform and reduced the price target to $4.40 as it anticipates further volume and margin compression. Credit Suisse and JPMorgan have maintained underperform/underweight ratings on the stock as it sees minimal valuation upside. Macquarie, however, has upgraded TWN to Outperform with a target price of $5.75 as it sees value creation from The Penfolds Wine Company - Treasury Wine's most successful brand.


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