Facebook could still deliver 35 percent year-over-year growth, despite its stock having dropped precipitously since its IPO, Piper Jaffray’s Gene Munster said Monday on CNBC.
(Read More: Facebook Plunges on Report Stock ‘Still Too Pricey’)
On “Fast Money,” Munster said that the long-term potential of the social media giant cannot be discounted, adding that the company still had “three major levers they can pull in terms of monetization.”
Facebook stock was down 9 percent, following an article in Barron’s that argued the company's shares are worth only $15.
With a more expensive valuation than Google, Facebook had more upside potential, he argued.
Meanwhile, Munster had an “overweight” rating on the stock and a price target of $42 per share.
“If they don’t deliver in September, we’re going to have to rethink some things,” he said.
Trader disclosure: On Sept. 24, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by the “Fast Money” traders: Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MSFT; Karen Finerman is long AAPL; Karen Finerman is short AAPL call spreads; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long JCP; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Joe Terranova is long VRTS; Joe Terranova is long WFM; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long VLO; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long GLW; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is short Eurocurrency December Futures.
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