The Transurban Group (ASX: TCL) share price has hit its stride over the last 2 months.
At the time of writing, the Transurban share price is $14.15, 13.2% higher than it was two months ago and 1.5% higher than it was at the start of 2022.
For context, the S&P/ASX 200 Index (ASX: XJO) has gained just 1% over the last 2 months and it's fallen 6% year to date.
But does the stock have the potential to go higher? Let's take a look at why brokers think the toll road operator has a green future.
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Does the Transurban share price offer more upside?
The Transurban share price has been outperforming the ASX 200 in 2022.
Plenty of stocks have been suffering this year, with many impacted by rising inflation and Australia's first rate hike in years.
In fact, the S&P/ASX 200 Index (ASX: XJO) has slumped nearly 5% over the last 30 days. Meanwhile, the Transurban share price has continued its upward momentum. It has lifted 3.6% in that time frame.
And brokers expect its strong run to continue into the future.
Macquarie Group Ltd (ASX: MQG), Bell Potter, and Morgans see plenty of potential for upside in the toll road operator.
As The Motley Fool Australia's Brendon Lau reports, Macquarie has tipped Transurban as an inflation hedge, saying it has pricing power built into its contracts.
Bell Potter is also bullish on the stock, but for different reasons. The broker expects the stock to beat the market over the long term, driven by its development pipeline.
The group's current pipeline of growth projects is $3.9 billion … and further huge development opportunities are expected over the next few decades supported by population and economic growth.
Bell Potter, as quoted by my Fool colleague, James Mickleboro.
Finally, Morgans expects the company's dividends to grow to 60 cents per share in financial year 2023. It also slapped Transurban shares with a $14.42 price target, reports Mickleboro.
