Facebook, there's still room to grow: Analyst

Facebook is a common household name, but there's still room to run for the social networking company, according to this analyst.

"Facebook, for example, has over 1.5 billion monthly users; in North America and Europe alone 300 million," Dan Chung, Fred Alger Management CEO, told CNBC. "That's three times the size of the Super Bowl."

For context, Nielsen Holdings N.V., the global information and measurement company, reported that Super Bowl 50 drew about 112 million television viewers; about 72 percent of Americans with television viewed the event.

The expert argues that Facebook holds over 20 percent of the time people spend on the Internet and its advertising revenue only represents between 8 to 10 percent of the total online advertisement.

"We think they're going to catch up," he said. "The biggest shift we see, which I think is very dangerous, is TV advertising."

Another FANG stock, Amazon, is also a top pick for the investor. The Facebook stock is up 38 percent in the past year, while Amazon is up 47 percent.

"Amazon has continued to execute on its business model for almost two decades now," Chung told "Power Lunch," adding that the company is outpacing retail growth.

Household names aren't the only opportunity in the market right now, according to Jill Cuniff, Edge Asset Management president and portfolio manager. The investor told CNBC that her firm looks for companies that are strong and can get through tough market conditions.

"Two of the companies that we like in the energy space right now is HollyFrontier Corp. (HF) and Enterprise [Product] Partners (EPD)," she said, noting that HF is a refiner and while oil prices have been volatile, the company is not as linked to commodity prices.

The HollyFrontier stock is down about 14 percent in the past year, while the Enterprise stock is down 21 percent in the same period.

"We believe that when [HollyFrontier] got hit a little bit by lower oil prices, that it was a good entry point and over the long run it will perform quite well," she said.

As per Enterprise Product Partners, Cuniff told CNBC that it pays a good dividend and has good cash flow and a good balance sheet.

"It's a [master limited partnership]," she said. "Enterprise has grown their dividend every quarter since 2004."