Atlas Arteria (ASX:ALX) had a mixed first quarter, but the result is "stronger" than implied, Jefferies said in a Tuesday note.

The company recently reported a 0.1% increase in proportionate toll revenue for the three months ended March 31, compared with the same period last year, or 1.6% excluding the headwind of foreign exchange.

Management has not observed a major effect of rising fuel prices on traffic, although weather conditions in North America are influencing first-quarter traffic volumes, the financial services firm said.

Heavy vehicle traffic growth in France partially offset weaker light vehicle traffic, while the Chicago Skyway in Illinois experienced the reverse trend.

Meanwhile, the Dulles Greenway in Virginia and the A79 in France continued their strong performance.

Traffic and revenue numbers showed mixed results, but there are positive signs in France and Virginia, countered by the stronger Australian dollar, Jefferies said.

Jefferies maintained its buy recommendation and lowered its price target to AU$5.43 from AU$5.56 on Atlas Arteria.