Lots of people are saying buy the pullback in Facebook . But we just heard it from a top analyst who’s been spot on about another tech titan.
Piper Jaffray analyst Gene Munster, is widely followed for his insights into Apple; he accurately forecast the success of the company’s many gadgets and the subsequent advance in shares.
And on CNBC’s Fast Money Halftime Report, Munster's commentary about Facebook reminds us of something he told us back in 2009. At that time he forecast a paradigm shift and said it would benefit Apple tremendously. (Click here to see what he said in 2009.) Since that time shares of Apple have doubled.
And what he tells us now about Facebook sounds very similar. His commentary suggests that if you don't buy FB now, you’ll probably regret it.
Essentially Munster says ignore the headline numbers in Facebook's latest earnings report. Instead he says what matters more is that when you dig down you'll find “57% of Facebook users access mobile."
That’s a big bullish trend. “And that’s going to increase," he says. "Ultimately, it will translate into big opportunities in commerce and advertising.”
Munster concedes that Facebook isn’t executing yet. But he thinks it's premature to expect them to be executing. Instead he believes patience will pay. “I know (specifics) are not clear. But they’ll get it. Ultimately Facebook will find a way to monetize mobile commerce.”