Australian wine conglomerate Southcorp has had a mixed reaction to its unexpectedly strong 2003-04 balance, announced this week. Investors lifted the stock 6% and credit agency Standard and Poors revised its BB++ rating from negative to stable.

But another analyst, Goldman Sachs JB Were, was cautious saying the company behind the Penfolds, Rosemount, Lindemans and Wynns brands was making progress but its own underperform rating was unchanged.

A third analyst Taylor Collison said the results were an indication Southcorp's negative earnings momentum had ended.

But the Australian Shareholder Association is still pressuring for two key directors, including Bob Oatley, not to be re-elected.