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As Facebook stock hovers around $50 per share, two market pros told CNBC that shares of the social media company will only head higher from here, with plenty of room to run.
"The fundamental momentum that Facebook has in its three main advertising businesses ... all of those businesses are really, really hitting their stride right now," said Jordan Rohan, managing director and senior analyst at Stifel Nicolaus.
He listed the three areas as selling downloads to developers, brand advertising to major consumer companies and response-based advertising on the Facebook exchange.
As a result, he said, "the chances for earnings upside are very, very high and I think the stock will probably continue to work."
In addition, Rohan explained that Twitter's impending IPO represents a "further validation of the [social media] business model" as more advertisers look to engage with customers over these new platforms. He added that video advertising and the monetization of the photo-sharing platform Instagram have not yet fully kicked in, and represent additional opportunity for Facebook's upside.
Chris Baggini, Facebook shareholder and senior portfolio manager at Turner Titan Fund, told "Squawk on the Street" that his firm holds a long-term view on the stock. "Our belief over time is that it is going to be a materially bigger company. You're looking at a company that should be doing close to $10 billion, if not higher than $10 billion in revenue next year."
"There is no other place in media where you can find a company with 15 to 20 percent market share of the space that they rule, basically," he added. "This company is a winner. ... It still has more room to run. The momentum is there and the revenue growth is accelerating."
Baggini also pointed to growing total usage, especially in moble. Citing data from comScore, usage on both mobile and desktop is up dramatically as Facebook continues to grow internationally, despite reports of some younger users leaving the site.
"Their share in the mobile area is so much higher than everybody else that if you're an advertiser, you have to look at Facebook, you just have to. You have no other choice," he said.
—By CNBC's Paul Toscano. and get the latest stories from "Squawk on the Street"