Facebook (FB – Analyst Report) looks poised for new highs in June after consolidating under $120 this month following another strong quarterly report.

My colleague Eric Dutram chose FB for his Bull of the Day in early April before the company beat on the top and bottom lines and here’s what he observed…

Facebook remains in a class by itself for investors, as it is the only one of the four (FANG stocks) with a strong double digit stock performance (roughly) in Q1, and it is now easily leading the group over the past six months as well.

But some concerns are now starting to appear over FB and their prospects. A few are worried about user post levels and publisher interest in the Instant Article program, and the stock is selling off as a result.

However, are these really reasons to be worried about FB shares, or does this present a great entry point for Facebook ahead of the next leg up? I think that Facebook still represents a great growth story, and if you look to recent estimates and some of its metrics, I think you’ll agree that FB is a buy at these levels.

I agreed with Eric back then and I bought FB shares for my Zacks Follow The Money portfolio right before their April 27 report. I’m glad I did, as that strong quarter and outlook prompted analysts to raise earnings estimates significantly in the past 30 days, moving the full-year 2016 consensus from $2.41 to $2.80, representing 88% EPS growth!

2017 profit projections rose from $3.37 to $3.81, for a very respectable 36% advance in year-over-year growth.

Why Facebook is Must-Own at New Highs

I made a video blog last week titled 3 Stocks You Can Love at New Highs following another blow-out quarter from Ulta Beauty (ULTA – Snapshot Report) . Facebook joined ULTA as one of the three and here’s what I had to say…

This story can be summed up fairly easy: Facebook is must-own for all kinds and sizes of fund managers because it has access to potentially billions of customers who use its platform every day and it is making significant progress on monetizing those eyeballs and clicks with mobile advertising and other initiatives.