Facebook stock hit a record high of $50.60 Thursday, and three experts say the party still has life to it.

"The fundamental momentum that Facebook has in its three main advertising businesses — all of those businesses are really hitting their stride right now," Jordan Rohan, a senior analyst at Stifel Nicolaus, told CNBC.

Those three businesses include developer downloads, brand advertising for major consumer companies and response-based advertising on the Facebook exchange.

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Given that strength, "the chances for earnings upside are very high, and I think the stock will probably continue to work," Rohan said.

The development of video advertising and monetization of Instagram, Facebook's photo-sharing service, also could provide support, he stated.

Chris Baggini, a senior portfolio manager at Turner Titan Fund, which holds Facebook shares, told CNBC, "there is no other place in media where you can find a company with 15 to 20 percent market share of the space that they rule."

The company's revenue could reach $10 billion next year, he predicted. Revenue totaled $5.1 billion in 2012.

Facebook also has a dominant presence in the mobile sector, Baggini noted. "Their share in the mobile area is so much higher than everybody else that if you're an advertiser, you have to look at Facebook, you just have to. You have no other choice," he argued.

"Our belief over time is that it is going to be a materially bigger company. You're looking at a company that should be doing close to $10 billion, if not higher than $10 billion in revenue next year."

Mark May, an analyst at Citi Research, is another Facebook bull.

"Following several conversations with advertisers and agencies, we believe the factors driving the sudden inflection and growth in the second quarter are sustainable and that there are a number of factors that should contribute to further growth and gains," he wrote in a report obtained by Bloomberg.

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