0013 GMT - ANZ's reignited growth ambitions raise questions at Macquarie over the resilience of the Australian lender's margins. Analysts at the investment bank point out that ANZ's softer June-quarter revenues are a result of it only returning to lending growth late in the period. This write that this growth in mortgages and business lending may come at the cost of margins. However, they note that ANZ has focused to date on investor and interest-only lending, which may limit near-term margin compression. Overall, they see ANZ executing more strongly than expected on its cost-reduction program in a challenging revenue environment. Macquarie keeps a neutral rating on the stock and raises its target price by 3.1% to 33.50 Australian dollars. Shares are down 1.5% at A$38.32.