** Morningstar says Australian toll road operator Transurban

reported "solid" growth in the September quarter, with group-wide traffic numbers rising 1.1%, on average

** Says growth was still a little below its expectations

** Slightly reduces FY25 earnings ests. but keeps fair value est. unchanged at A$12.8

** The pandemic hit U.S. assets hard, as the tolled express lanes get little patronage when the adjacent freeways are not heavily congested - Morningstar

** Stock has fallen 4.7% this year, as of last close

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))