Does Macquarie rate Treasury Wine shares a buy, hold or sell after its FY25 result?

Treasury Wine Estates Ltd (ASX: TWE) shares are changing hands at $7.91 a piece at the time of writing, up 1.17% for the day so far.

The share price has sunk 35.51% over the past year, as a structural shift in market demand, operational headwinds, and news of its