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

Citi rates CBA as Sell

The proposed Budget tax reforms to negative gearing and CGT are expected to dampen housing credit growth, with commentators debating whether the major banks will compete more against a backdrop of slowing growth, Citi outlines.

The analyst anticipates competition will remain "rational" but points out challenges for the banks around slowing deposit growth.

At current share prices, the broker does not believe the evolving macro challenges for the banks are being discounted sufficiently, and the risks are mispriced between the banks.

CommBank, which has outperformed, remains very exposed to the highest earnings risks associated with a slowing housing market. Sell rated with a $140 target.

Macquarie rates ELV as Neutral

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

Elevra Lithium is Neutral rated with a $13.50 target.

Macquarie rates PLS as Outperform

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

PLS Group is Outperform rated with a $6.20 target.