BUZZ — Citi says Treasury Wine's AGM update modestly positive versus FY26 result

* Citi says Treasury Wine Estates' 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 8% YTD, as of last close ($1 = 1.4341 Australian dollars) (Reporting by Rajasik Mukherjee in Bengaluru) ((Rajasik.Mukherjee@thomsonreuters.com)