There's a new biggest Facebook bull on Wall Street.
Rosenblatt Securities upped its price target to $315 from $244 on Tuesday, highest on the Street and well above the average $255 analyst target. The firm said revised revenue estimates was a catalyst for the increase.
Todd Gordon, managing director of Ascent Wealth Partners, said the charts indicate an even bigger move before Facebook hits a ceiling.
"Strong uptrend," Gordon said Tuesday on CNBC's "Trading Nation." Facebook is "looking for resistance to come into play around $400, believe it or not," based upon Elliott Wave Theory, which plots 'impulse' waves of activity within a larger trend.
Resistance at $400 implies more than 65% upside from current levels. It traded at $241.75 at Tuesday's close.
"It's the best in brand — its portfolio with social led by Facebook and Instagram. Their ad targeting is the best in the industry. We have some ad boycotts that are acting as an overhang, but we don't diminish the long-term story — 33 times forward earnings on a 20% growth rate. We don't feel it's overvalued either," said Gordon.
Facebook could join another tech company in dominating the social media space, said Boris Schlossberg, managing director of FX strategy at BK Asset Management.
"You really have to bet on a Google-Facebook duopoly, simply because both of those companies are the new version of global broadcast TV. They have this rare combination of having mass audience and micro targeting, which is just absolutely unbeatable," Schlossberg said during the same "Trading Nation" segment.
Google's YouTube draws more than 2 billion users each month, according to parent company Alphabet. Users watch more than a billion hours of video a day.
"There's absolutely no beating Facebook and Google as far as their monopoly power goes and their pricing power goes going forward," said Schlossberg.
Disclosure: Ascent Wealth Partners holds Facebook.