Facebook doubled its mobile revenue sequentially, which makes the company's stock attractive, Michael Pachter of Wedbush Securities said Thursday.
"I don't think that the company's future changed much, if at all. If anything, I think we're seeing revenue accelerating faster than we were seeing before. I think we're seeing the shift to mobile occurring faster," he said. "Mobile revenue doubled sequentially, which is really big."
Pachter reiterated his "outperform" rating on the stock, as well as a $35 price target.
The move comes as the stock saw downgrades from BMO, Citigroup and Stifel Nicolaus.
On "Fast Money," Pachter reaffirmed his support of the stock – with one caveat.
"The only thing that's holding me back at all is the company once again said they're going to spend a lot more money than we expected," he said.
"So while I took my revenue estimates a lot — $500 million for 2013 — I took my spending estimates up by about the same amount, so my earnings didn't really go up at all," Pachter added. "That's what my competitors are downgrading on."
Trader disclosure: On Jan. 31, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long DELL; Joe Terranova is long SWN; Joe Terranova is long XOM; Joe Terranova is long AAPL FEB 455 PUTS; Joe Terranova is long GOOG FEB 750 PUTS; Joe Terranova is long NFLX FEB 60 PUTS; Jon Najarian is long FB; Jon Najarian is long QCOM CALLS; Jon Najarian is long LVS CALLS; Jon Najarian is long ANN; Jon Najarian is long ANN CALLS; Jon Najarian is long JCP CALLS; Stephen Weiss is long QCOM; Stephen Weiss is long RIMM; Stephen Weiss is long AIG; Stephen Weiss is long AAPL CALLS; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long SBUX; Stephanie Link is long OXY;
For Michael Pachter
Wedbush Securities makes a market in the securities of the subject company: FB.
