DALLAS — Tolled traffic lanes can be an effective way to fund expensive highway projects, but investors need to consider the volatility of the revenues, Wells Fargo Securities senior analyst Randall Gerardes said in a research report on highway congestion relief.

Revenue from managed lanes, with tolls that can vary depending on factors such as the time of day, volume of traffic and the direction of travel, present a higher level of risk than do more traditional toll revenue-backed system credits, according to the report.

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