** Analysts at Morningstar say Australia's Flight Centre Travel's FLT.AX falling business confidence, higher airfares could affect short-term earnings if the U.S.-Iran conflict persists

** Travel retailer said on Tuesday the Middle East tensions heavily impacted its early Q4 results

** Morningstar sees current turbulence as temporary for Flight Centre Travel

** Financial services firm maintains fair value estimate of A$18.50 for FLT

** Adds it is confident in FLT's longer-term earnings growth through incremental improvements in productivity measures and growing new revenue streams in leisure and corporate travel segments

** As of last close, stock down 32.7% YTD