Morningstar holds steady on Australia's Transurban despite quarterly traffic growth

Toll-road operator Transurban TCL.AX reported a 1.8% rise in average daily traffic volumes for the March quarter y/y

Morningstar says that volumes align with expectations

Notes a strong recovery in North America, with traffic up 3.8%

Adds, rising demand enables significant toll increases on U.S. Express Lanes (EL)

However, Morningstar flags volatility in U.S. EL earnings, saying that those roads face competition from adjacent free lanes but can do very well when competing lanes are congested

Maintains fair value estimate of A$13/security

Stock up 6.7% YTD