Shares of toll road operator Atlas Arteria (ASX:ALX) have dropped up to 2.5% to reach A$5.47.

The stock had reached its lowest point in 16 months on Thursday, and it appears to be headed for another day of losses if the current trend continues.

These losses were incurred after the French government proposed a new tax regime for transport infrastructures.

The resulting impact, according to analysts at Jefferies, could be around 36 Australian cents per share for Atlas Arteria.

Jefferies commented that there is little positive news in the new budget for operators, but this development was expected.

Despite the bearish outlook, Jefferies maintains its ‘buy’ rating for the stock with a median price target of A$6.88.

Although the analysts' median price target is A$6.66, their average rating is at ‘hold’.

The company’s shares have seen an activity of about 497,791 shares changing hands, compared to the 30-day average volume of 3.3 million shares.

As of last close, Atlas Arteria’s stock has dropped 15.1% this year.

Atlas Arteria (ASX:ALX) is a toll road operator company.