Transurban Group's first-quarter average daily traffic was -25% versus last year but 0.3% ahead of Morgan Stanley estimate. Heavy vehicles were in line with the broker's forecast at circa 20% of total traffic.

On a geographical basis, traffic in Sydney and Brisbane was circa -2% below the broker's estimate, offset by the Melbourne Citylink which was about 9% ahead of its estimate.

The group flagged the potential introduction of equity partners into its Greater Washington DC business over the near-medium term, similar to the arrangements in both Queensland and NSW.

Morgan Stanley retains its Equal-weight rating. Target is unchanged at $14.88. Industry view: Cautious.

Sector: Transportation.

Target price is $14.88.Current Price is $13.88. Difference: $1.00 - (brackets indicate current price is over target). If TCL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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