0659 GMT - Toll-road operator Transurban keeps its trim rating at Morgans, where analyst Nathan Lead looks to another Australian infrastructure stock for potential clues on valuation. Lead continues to lean bearish on the stock but stops short of implementing a sell recommendation. He tells clients in a note that he largely agrees with Transurban's assessment that toll overhauls in New South Wales state are value neutral. However, he sees earnings growth constrained by weakness in its Melbourne assets, and thinks that interest costs will rise quicker than consensus expects. He believes dividends could grow at a similar rate to those at pipeline operator APA. Lead adds that a rerating to APA's yield would price Transurban's stock at about 12 Australian dollars. Morgans cuts its target price 0.9% to A$12.63. Shares closed 0.75% lower at A$14.59.