** Analysts at Jefferies lower price target on Australia's Viva Energy to A$3.3 from A$3.75
** Brokerage expects a modest Q3 EBITDA loss for the fuel retailer's Geelong refinery operations
** Says refining has been challenging in Q3 with bigger rival Ampol posting a dismal Q3 update
** Prevailing refining environment has been subdued, and we forecast Geelong refining margin of US$6.60/bbl for VEA in Q3 — brokerage
** Jefferies, however, says co's commercial & industrial operation has likely continued to deliver, and convenience & mobility conditions have improved somewhat
** Maintains "buy" rating on stock
** VEA has fallen 16.6% YTD, as of last close
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com))
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