Updates with share moves

** Australia-listed shares of a2 Milk A2M.AX rise as much as 3.7% to A$7.305

** Citi raises target price for the Australia-listed shares A2M.AX by 4% to A$7; increases core NPAT estimates by 3%, 4% and 3% for 2026, 2027 and 2028, respectively

** New Zealand-based dairy major on Tuesday said factors that impacted supply of its key China-label IMF product have been largely resolved; adds it now expects higher FY26 NPAT compared to last year

** Citi sees downside risk to FY27 consensus earnings and believes a2 has "a lot of work to do" about investing in its brand and rebuilding market share following market access disruptions

** Brokerage sees several fundamental tailwinds that can help a2, including geographical and product category expansions

** It is important to monitor how quickly a2 can restore its market share (and at what cost) before we can turn more positive - Citi

** A2's ASX stock down 18.6% YTD