Morningstar cuts outlook for Australia's Atlas Arteria; sees lower traffic volumes

Morningstar lowers fair value estimate for shares of toll road operator Atlas Arteria ALX.AX by 2% to A$4.80

Research firm lowers 2026 proportional operating earnings by 5%

Morningstar sees modest reduction in co's traffic volumes in 2026 because of high fuel prices, but sees fuel rationing to be unlikely in France, where co has toll roads

Says France has refined fuel reserves of more than 100 days of imports, while the U.S., co's second-most important market, is highly self-sufficient

10 analysts 'hold' rated on avg, with median PT of A$4.96, as per LSEG-compiled data

Stock down 13.1% YTD