** Analysts at Jefferies trim PT on Australia's Ampol ALD.AX to A$33.50 from A$34; keep stock rating at "buy"

** Brokerage flags significant delay to the Ultra-Low Sulphur Gasoline unit is disappointing

** Jefferies expected strong refining margins to fund the EG Group acquisition without equity raise, but higher cash costs and lost gasoline output now make that unlikely

** Though "frustrated", brokerage remains positive on the fuel retailer given its convenience segment's strategy, supportive refining backdrop and upside from EG Group

** Morningstar, on the other hand, expects ALD to report strong refining margins through year-end, in addition to more modest improvement from other segments

** Sees trading conditions at the convenience retail operation gradually improving, aided by easing inflationary pressures, stabilizing fuel input costs, and positive trading signs in October

** Morningstar raises fair value estimate by 2% to A$29

** Stock up 7.6% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com))