Lots of people are saying buy the pullback in Facebook . But we just heard it from a top analyst who’s been spot on about another tech titan.
Piper Jaffray analyst Gene Munster, is widely followed for his insights into Apple; he accurately forecast the success of the company’s many gadgets and the subsequent advance in shares.
And on CNBC’s Fast Money Halftime Report, Munster's commentary about Facebook reminds us of something he told us back in 2009. At that time he forecast a paradigm shift and said it would benefit Apple tremendously. (Click here to see what he said in 2009.) Since that time shares of Apple have doubled.
And what he tells us now about Facebook sounds very similar. His commentary suggests that if you don't buy FB now, you’ll probably regret it.
Essentially Munster says ignore the headline numbers in Facebook's latest earnings report. Instead he says what matters more is that when you dig down you'll find “57% of Facebook users access mobile."
That’s a big bullish trend. “And that’s going to increase," he says. "Ultimately, it will translate into big opportunities in commerce and advertising.”
Munster concedes that Facebook isn’t executing yet. But he thinks it's premature to expect them to be executing. Instead he believes patience will pay. “I know (specifics) are not clear. But they’ll get it. Ultimately Facebook will find a way to monetize mobile commerce.”
Munster isn’t the only pro who sees the potential. Famed venture capitalist Roger McNamee said the same thing to us back in May. “The opportunity is there… Facebook can make it incredibly convenient to make payments using a mobile device,” he said. (Click here to read more about what McNamee said to us.)
Trader Brian Kelly, founder of Shelter Harbor Capital, also shares the enthusiasm. “If you think Mark Zuckerberg is the next Steve Jobs and there's reason to believe he is, I’d buy the stock and put it away.”
As you might imagine not all the Fast Money traders share the enthusiasm for Facebook.
“What they say may in fact be the case,” says trader Steve Grasso, director of institutional sales trading at Stuart Frankel, “but let the stock prove itself first. I’d rather miss the first leg higher than buy here.”
What do you think? We want to know!
Posted by CNBC's Lee Brodie
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Trader disclosure: On July 26, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova is long (VRTS); Terranova is long (MCD); Terranova is long (USB); Terranova is long (GS); Terranova is long (JPM); Terranova is long (YHOO); Terranova is long (SBUX); Terranova is long (WFM); Terranova is long (AAPL); Terranova is long (NXPI); Brown is long (TGT); Brown is long (XBI)
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Stifel Nicolaus maintains a business relationship with Amazon.com, Inc.. Stifel, Nicolaus & Company, Inc. makes a market in the securities of Amazon.com, Inc.. Stifel, Nicolaus & Company, Inc. expects to receive or intends to seek compensation for investment banking services from Amazon.com, Inc. in the next 3 months.
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