** Toll road operator Transurban Group TCL.AX adds as much as 0.71% to A$14.16

** Morningstar raises fair value estimate by 5% to A$14, citing stronger free cash flows, higher development value

** Forecasts slight increase in free cash flow due to lower expectations for cash interest, tax payments

** Attributes ~A$0.80/security to TCL for potential future motorway expansion projects

** However, cuts co's medium-term EBITDA forecasts by 3%, saying new WestConnex road "cannibalising more traffic from other Sydney roads than we had expected"

** Stock rated "hold" on avg; median PT is A$14.2, per LSEG-compiled data

** YTD, TCL gains 5.1%

(Reporting by Ananya Verma in Bengaluru)

((ananya.verma@thomsonreuters.com;))