Morningstar cuts Atlas Arteria fair value estimate on weaker French traffic, tax headwinds

** Analysts at Morningstar cut fair value estimate on Australia's Atlas Arteria ALX.AX by 15% to A$3.80 per share

** 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% year-to-date

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

** ALX shares have fallen 19.9% this year, as of last close