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.