Are Telstra and these ASX shares a buy, hold or sell after hitting new yearly highs?

The S&P/ASX 200 Index (ASX: XJO) bounced back yesterday after a flat few weeks. 

Australia’s benchmark index rose just over 1% during Tuesday’s trading session.

This sparked fresh 52-week highs for several well-known ASX shares. 

Here’s what experts are saying about these companies right now. 

Telstra Group Ltd (ASX: TLS)

Telstra shares rose another 2% yesterday to hit fresh 52-week highs of $5.52 per share. 

It has now climbed 13% year to date, as investors have pushed their chips in on defensive options like Telstra. 

It is considered a defensive stock because telecommunications services are essential, so customers tend to keep paying for mobile and internet plans even during economic downturns. 

Its large market share, recurring revenue, and relatively stable dividend payments also make earnings less volatile compared with more cyclical industries like mining or retail.

Following this recent share price rise, it appears that Telstra shares are close to fully valued. 

Catapult Wealth recently placed a hold recommendation on the company. 

Additionally, 13 analyst forecasts via TradingView indicate the current share price is 5% above fair value. 

QBE Insurance Group Ltd (ASX: QBE)

QBE shares rose 3% yesterday to hit a fresh 52-week high of $24 per share. 

It has now climbed 21% year to date. 

It has been one of the beneficiaries of rising interest rates. 

QBE is Australia’s second-largest international insurer. 

Insurers can benefit from interest rate rises because they invest premiums and earn more when yields rise.

With that being said, it now appears that QBE shares are approaching fair value. 

Macquarie recently downgraded QBE shares to a hold rating with a $25.10 price target. 

This indicates just 4% upside from current levels. 

Superloop Ltd (ASX: SLC)

Superloop is an Australian telecommunications and internet infrastructure company that provides broadband and NBN services, fibre networks and enterprise connectivity. 

Yesterday, its share price climbed 1.4% to hit a new 52 week high of $3.56. 

It has now risen almost 40% year to date. 

The share price rise has been driven by positive growth for the company. 

It recently reported a 21.2% increase in customers and a 23.3% lift in revenue compared to the prior year.

Despite these positive metrics, the company appears close to full valuation right now. 

Nathan Lodge from Securities Vault recently placed a hold rating on this ASX telecommunications share.

Furthermore, eight analyst ratings via TradingView have an average 12 month price target of $3.50 on Superloop shares. 

The post Are Telstra and these ASX shares a buy, hold or sell after hitting new yearly highs? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.