The Transurban Group (ASX: TCL) share price continued its positive run on Thursday and pushed higher once again.
The toll road giant's shares climbed 1% to reach an all-time high of $13.22.
This latest gain means that Transurban's shares are now up over 17% since this time last year.
Why is the Transurban share price at an all-time high?
One catalyst for the strong share price rise over the last 12 months was the ACCC's decision to not oppose its acquisition of the majority interest in the WestConnex project.
Although it came at considerable cost, the WestConnex project is being seen by many as a major growth driver for the company in the future.
In addition to this, falling bond yields has led to increasing demand for so-called bond proxies like Transurban, Sydney Airport Holdings Pty Ltd (ASX: SYD), and fellow toll road operator Atlas Arteria Group (ASX: ALX).
In fact, the Atlas Arteria Group (ASX: ALX) share price has also been on form this week and reached an all-time high of $7.38 on Tuesday. Whereas Sydney Airport's shares are currently trading within touching distance of their all-time high.
Is it too late to invest?
Whilst I'm a big fan of Transurban, I think its shares are looking fully valued now.
As I mentioned recently, a note out of Goldman Sachs last week revealed that its analysts had retained their buy rating and $13.15 price target on the company's shares.
It's a similar story with analysts at Deutsche Bank. Last week they slapped a buy rating and $13.25 price target on the company's shares.
So with its shares now trading at $13.22, I feel this could mean the potential upside for them in the near term is reasonably limited.
So instead of picking up Transurban shares, I would suggest investors look elsewhere in the market for investment opportunities at this stage.
