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Is it too late to buy these high-flying ASX shares?

Although the market has struggled a touch this week, it hasn’t stopped a number of popular shares from racing to new highs.

Two that have done this are listed below. Is it too late to buy them?

The MNF Group Ltd (ASX: MNF) share price reached an all-time high of $6.95 on Friday, bringing its 12-month return to over 48%. Although this has left its shares trading at a lofty 38x trailing earnings, I think the online voice communications provider is capable of growing its earnings at a strong enough rate to justify this premium. In fact, at its November annual general meeting management forecast profit growth of 24% for the current financial year.

This level of growth appears to have impressed analysts at Morgan Stanley. According to a note out of the investment bank this week, the broker placed a $7.70 price target on its shares. This implies further upside of over 16% for its shares over the next 12 months. Morgan Stanley is of the opinion that this strong profit growth can continue until at least 2020.

The Rio Tinto Limited (ASX: RIO) share price climbed to a nine-year high of $81.12 today. This rise has been driven largely by improving copper and iron ore prices thanks to bullish global economic growth forecasts. Overnight the 62% fines iron ore price rose to US$79.08 per tonne, its highest level in almost five months.

Despite the mining giant’s shares climbing almost 30% over the last 12 months, I still see a lot of value in them. Perhaps not as much value as I see in fellow iron ore producer Fortescue Metals Group Limited (ASX: FMG), but enough to warrant an investment today. Especially considering its shares provide a trailing fully franked 3.7% dividend.

As well as MNF, Fortescue, and Rio Tinto, here are three more top shares that could prove to be market-beating investments this year.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended MNF Group 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.

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