Facebook just keeps charging higher.
The stock hit an all-time high Tuesday, closing at $280.82, and has roared 105% off its March low. Even after that run, Cowen analysts are still backing the company — the firm on Tuesday set a Street high price target of $330 on the stock, highlighting increased exposure to e-commerce as a major tailwind.
Joule Financial President Quint Tatro is more bullish on Facebook than even Cowen's price target.
"I like the call quite a bit [but] I think actually you can trade further upside here in Facebook. I mean, it's not an overly high MOMO stock really until today quite honestly," Tatro told CNBC's "Trading Nation" on Tuesday.
Tatro says the fundamentals are still in Facebook's favor — the stock trades at 30 times forward earnings, well below the 50 times multiple for the SOCL global social media ETF.
"The company I think is hindered with this regulatory concern, but I think traders can really catch some further upside. I'd keep a stop around the $260 level just in case. But I think this is on its way to the trillion-dollar market cap club," said Tatro.
Facebook has a market cap of $800.8 billion. To top $1 trillion, its shares would need to reach $351, according to CNBC data. Only four S&P 500 companies — Apple, Amazon, Microsoft and Alphabet — have a market cap of more than $1 trillion. Apple recently broke $2 trillion in market cap.
Todd Gordon, managing director of Ascent Wealth Partners, adds that Facebook's dominance in the social media space is key to its strength.
"We think Facebook and Instagram are … the dominant players of social media spaces. Facebook is the go-to for small business advertising dollars. There's really nowhere else to go, plus we think those advertising budgets for Facebook will grow as we come out the other side of Covid and that will be a driver for new initiatives," Gordon said during the same "Trading Nation" segment.
Gordon also points to its recently launched Facebook Shops, where users can open an online store on Facebook and Instagram as a revenue generator. The company will waive selling fees for businesses this year.
"We're bullish, we hold it, we're not adding here but any pullbacks would be attractive to us," said Gordon.
Disclosure: Ascent Wealth Partners holds FB.