** 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

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))