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These 3 ASX shares just hit all-time highs: Can they go higher?

Whilst not all shares on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) have had a happy 2017, there certainly are some having an incredible year.

So much so they have just climbed to all-time high share prices. Here are three in particular which have caught my eye today:

The Challenger Ltd (ASX: CGF) share price has hit a new all-time high of $12.94 today, bringing its 12-month return to a massive 50%. Considering the strong demand for its products, I can’t say I’m entirely surprised by this huge gain. In its recent half-year results the company reported a 12% increase in assets under management to $64.7 billion. Although its shares may look a touch expensive, I still believe they represent good value for investors willing to make a buy and hold investment.

The Costa Group Holdings Ltd (ASX: CGC) share price has surged to an all-time high of $4.63 this morning. This means the horticulture company has now seen its share price rise by a massive 35% in 2017 thanks largely to a strong first-half result. Favourable weather and pricing, together with an improved performance in China were behind the strong result. But although these tailwinds remain, at 31x annualised earnings I think its shares are a little too expensive and in danger of a reasonably sharp decline.

The Zelda Therapeutics Ltd (ASX: ZLD) share price has rocketed to yet another record high of 13 cents. Its shares have been on a tear since the government announced plans to loosen regulations around medicinal cannabis use. In fact, in just the last 30 days the pot stock’s share price has gained over 113%. Whilst I do like the company and think it could have a good chance of breaking into the lucrative insomnia and eczema treatment markets, it is still very early days. For this reason I would suggest investors keep Zelda on their watch lists.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Challenger Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.