Transurban Group's (ASX:TCL) agreement with the New South Wales government on the state's toll reform initiative represents a net neutral outcome for the company's shareholders, Jefferies said in a Monday note.

As the government stated it would honor the toll concessions already in place, "there was no real downside risk to Transurban and partners from these negotiations," the investment firm said.

The government will make its AU$60 weekly toll cap permanent and make payments to Transurban in return for toll price reductions on some roads, with no impact expected on the company's near-term distributions.

"The outcome of all the changes is expected to be neutral, but does remove the risk of broader reform that could have been detrimental," Jefferies said.

Additionally, Transurban's average daily traffic rose 3.8% in June, with large vehicle traffic growth strong at 5.6%. However, some uncertainty remains in the current macro and geopolitical climate, the equity research firm said.

It maintained a hold rating on Transurban Group with a price target of AU$13.69.

The company's shares were down nearly 1% in recent Tuesday trade.