Treasury Wine Estates Ltd (TWE.AU) saw its shares plummet 5.04% in intraday trading, marking a significant downturn for the Australian winemaker. The sharp decline comes on the heels of a downgrade by Citi analysts, who lowered their rating on the stock from "buy" to "neutral", citing growing concerns about the company's future prospects.

The sell-off pushed Treasury Wine's stock to its lowest level in over four years, touching A$9.350 at one point during the session. Citi's analysts expressed caution about the company's outlook in the Americas market, a key region for the winemaker. Additionally, they highlighted "longer-term structural headwinds facing the broader alcohol category," suggesting that the challenges may extend beyond Treasury Wine to the industry as a whole.

Despite the recent downturn, the majority of analysts remain optimistic about Treasury Wine Estates. According to LSEG data, 13 out of 15 analysts still rate the stock as "buy" or higher, with only two maintaining a "hold" recommendation. The median price target stands at A$13.85, indicating potential upside from current levels. However, investors seem to be taking a more cautious stance, with the stock now down 17.5% year-to-date, including today's movement. As the company navigates through these challenges, market participants will be closely watching for any signs of improvement in its key markets and overall industry conditions.