Facebook Could Bounce on ‘Want’ Button: Munster

Word that Facebook is developing a “want” button makes the stock a “buy,” Piper Jaffray’s Gene Munster said Thursday on CNBC.

“The basic concept is this will allow Facebook to get a better handle of what people are actually wanting to buy. This is more analogous to what Google is going with search,” he said on “Fast Money.”

Munster said leaked API code for the social media site suggests that the company is working on a new feature that would impact its bottom line.

“This is a whole level of monetization that no one’s talking about, that ultimately we think that Facebook will be involved in,” he said. “So they’re going to get mobile right but I think this ‘want’ button at least is going to lay the groundwork for investors to have some form of confidence that Facebook is not just doing this for the social good.”

Munster said that historically, there could be 7 percent downside between now and the mid-November lockup expiration.

“Ultimately, we think this is a great time to buy Facebook,” he said.

Trader disclosure: On Aug. 30, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long COTT; Stephanie Link is long BMY; Stephanie Link is long GIS; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Weiss is long JCP; Steve Weiss is long CLNY; Steve Weiss is long QCOM; Steve Weiss is long HK; Steve Weiss is long JNN; Steve Weiss is long AIG; Steve Weiss is long AMTG; Steve Weiss is long AMLP; Steve Weiss is long WLP; Steve Weiss is short X; Steve Weiss is short AKS; Steve Weiss is short TCK; Steve Weiss is short VALE; Joe Terranova is long VRTS; Joe Terranova is long NXPI; Joe Terranova is long EMC; Joe Terranova is long CHKP; Joe Terranova is long CSTR; Joe Terranova is long AAPL; Joe Terranova is long WFM; Joe Terranova is long SBUX.

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