The Treasury Wine Estates Ltd (ASX: TWE) share price continued its good run on Thursday and climbed 3.5% to reach an all-time high of $14.82.
This brought its year-to-date return to just under 50%.
Why are its shares higher today?
Although there was no news out of the wine company today, a positive broker note out of Ord Minnett is likely to have encouraged investors.
According to the note, Ord Minnett has retained its accumulate rating and increased the price target on its shares from $13.50 to $15.00 following its annual general meeting.
Ord Minnett appears pleased with its turnaround and that management has reiterated its target of a 25% operating margin in FY 2018.
But with Treasury Wine's shares now nearing Ord Minnett's price target, investors might want to consider looking at opportunities elsewhere in the market.
