** Analysts at Jefferies lower price target on Australia's Viva Energy VEA.AX to A$1.65 from A$1.90; keep stock recommendation at "hold"
** Brokerage flags that investors are questioning if the fuel retailer has a balance sheet problem
** Jefferies believes that Viva's balance sheet is over-geared but the firm is unlikely to run short of capital, given liquidity headroom and no imminent debt maturities
** Says the balance sheet leverage gives co limited strategic options and uncertainty on where the convenience operation will hit its bottom given challenges in tobacco business
** Six of 10 analysts rate the stock "buy" or higher and four "hold"; their median PT is A$2.80 – LSEG data
** Stock down 38.8% YTD
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com))
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