So far this year, Facebook shares are up nearly 6 percent, a performance that not only trails the S&P 500 but social media companies such as LinkedIn — up 53 percent, and Yelp — up 30 percent.
Currently trading about $10 below where it priced last May, Meeks eventually expects Facebook's stock to go much higher than its $38 IPO price — representing at least a 35 percent potential upside.
And there's reason for longer-term optimism. Meeks said that after previously refusing to talk about monetizing assets or traffic, Facebook executives have become more forthcoming on the topics.
(Read more: Digital Sky Chief: Zuckerberg's 'Genius' Drew My Investment)
Mobile ad revenues should also continue to rise. In the December quarter, Facebook posted $306 million in mobile ad revenue, Meeks said. "In the March 2013 quarter, it will be $350 million, $360 million," he predicted.