by Michael Tarsala
Piper Jaffray analysts think that Facebook (FB) may be one of the best large-cap tech stocks to own and are trading at a deep discount to future growth.
It's tough to call a bottom on the stock, the analysts acknowledge. Investors may continue to sell ahead of the company's biggest stock lockup expiration on Nov. 15. Afterward, however, they think that shares are unlikely to be impacted.
They still think the stock has a bright future 12 months out.
It's not a particular price that will make a Facebook investment attractive, says Barry Randall, manager of the Crabtree Technology investment model. Rather, it will be proof that the company can sustain strong double-digit revenue growth. The story -- and perhaps the stock trajectory -- could change meaningfully once that happens, he says.
That could conceivably happen as soon as its next earnings report.
"I am not a Facebook (FB) hater," Randall says. "I do not think that Facebook is a MySpace-like fad. I see it as a substantive company with a real working business model."
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