Facebook (FB) stock lost more than $5 billion in market value Wednesday just a day after notching an all-time high record close, but you can rest assured that momentum hasn’t escaped FB.

This is just a natural pullback from a peak in a down day for stocks.

Facebook stock was off nearly 3% by midday trading on no news. If anything, there was a decent catalyst for FB. An analyst at Evercore Partners lifted his price target on Facebook stock to $95 from $90, telling clients that the company’s relaunch of its Atlas ad server platform should be a boon. Nevertheless, Facebook stock swooned.

It shouldn’t be down for long, however. We’ve seen plenty of steeper pullbacks in FB this year, and shares still are up 45% for the year-to-date.

The technicals remain favorable too. FB stock successfully tested support at its 50-day moving average over the summer, and Facebook stock remains comfortably above both its 50- and 200-day moving averages. FB is not overbought and it’s less than 3% off its 52-week high.

Sentiment and technicals alone should help Facebook stock set new closing highs soon, especially as money comes in to scoop up FB at a discount to the new high hit Tuesday.

True, Facebook stock looks overpriced by a bunch of different measures. The forward price-to-earnings multiple of 38 is about 2.5 times higher than the price of the S&P 500. Furthermore, FB trades at more than 20 times its trailing 12 months of sales. For an (imperfect comparison), Google (GOOG) goes for less than 6 times trailing sales.

Even Tesla Motors (TSLA), one of the most overextended and overpriced stocks you can find on a major exchange, fetches just a bit more than 12 times trailing sales.

Fat Premiums a Plus for Facebook Stock

Perversely — though it’s good news for anyone holding Facebook stock — those sort of crazy premiums actually bolster the bull case on FB.

For one thing, this is a momentum stock. As long as revenue keeps up its torrid growth rate, shares will follow.

It’s also a story stock. Until proven otherwise, Facebook is the future of (and the best way to cash in on) social media.

The market usually gives big story stocks like FB the benefit of the doubt when it comes to valuation, the idea being that the upside is so great, it will one day grow into its multiples. Just a couple of years ago, Apple (AAPL) traded at nearly 24 times trailing earnings. Today, even at all-time highs, AAPL gets a multiple of 16.

Apple’s days of accelerating growth are behind it. Facebook, on the other hand, is expanding at a remarkable rate. Wall Street forecasts revenue to jump by 56% this year. When the top line is growing as fast as Facebook’s is expected to, the market is always going to give the stock some fat multiples.

No, Facebook stock has no place in a value investor’s portfolio. It’s harder than usual to figure out its valuation, which is pricey any way you look at it.

But as a momentum stock, it has a long way to go.

Facebook’s hot revenue growth ensures that any pullback in FB stock will be short-lived. If anything, it’s a buying opportunity.

As of this writing, Dan Burrows did not hold a position in any of the aforementioned securities.