Australia's Atlas Arteria falls as Morningstar cuts fair value estimate

** Shares of toll roads operator Atlas Arteria ALX.AX fall as much as 3.6% to A$3.770, their lowest since March 20, 2020

** Stock down for the fourth consecutive day

** Analysts at Morningstar cut fair value estimate on the stock by 15% to A$3.80

** Investment research firm says traffic on French toll-road operator VINCI Autoroutes, a guide for Atlas Arteria's core APRR asset, fell 6% in August and is down 3% YTD

** Says deterioration in traffic appears to have accelerated amid high fuel costs and cost-of-living pressures, particularly affecting tourism demand

** Now assumes France's temporary corporate surtax will remain in place for an additional two years as the government seeks to improve its fiscal position

** Two analysts rate the stock "buy" or higher, three "hold" and three "sell" or lower; their median PT is A$4.75 — data compiled by LSEG

** YTD, stock down 22.3%