OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Bell Potter rates MI6 as Speculative Buy

Minerals 260 announced drilling results from its 100%-owned Bullabulling Gold Project, which will be incorporated into the next mineral resource estimate, expected in August, from 83 new holes totalling 19,073m.

The analyst points out the results confirmed the grade and continuity of mineralisation, with high-grade zones identified below existing pit shells.

A definitive feasibility study is due in early 2027.

No change to the Speculative Buy rating or $1.35 target.

Macquarie rates VEA as Outperform

Macquarie reviews its forecasts for Viva Energy, noting the Geelong refinery RCCU unit is likely to be back online in coming weeks after the fire, and the company could take the opportunity to update the market.

Unlike competitor Ampol ((ALD)), the broker does not expect Viva Energy to have made material trading gains in the second quarter, yet it may deliver the best refining half in four years, despite the fire, given its ability to capture middle distillate cracks.

In terms of convenience, Macquarie points out fuel margins may have been strong but tobacco sales are weak and consumer sentiment has softened, while the OTR roll-out has slowed as the company reviews its strategy.

Outperform rating with the target lifted to $3.40 from $3.30.

Citi rates WBC as Neutral

Citi believes proposed housing tax changes will slow Australian credit growth, prompting the broker to reduce its FY27 system credit growth forecast to around 4% from current levels of 8%.

Mortgage credit growth is expected to slow to 3.5%, while business lending moderates to 5%, resulting in modest earnings downgrades of between -1%-4% for the broker's coverage of major banks across FY26-FY28.

Commentary cautions the policy impact compounds an already challenging backdrop of slowing growth, elevated credit risk and pressure on net interest margins.

Citi prefers ANZ Bank among the majors, followed by National Australia Bank and Westpac, while retaining a Sell rating on CommBank due to valuation concerns and housing market exposure.

The target for Westpac falls by -$1.50 to $37.50. Neutral rating maintained.