Wall Street seems to like Facebook again for the same reason it use to hate it. That reason can be summed up in one word: mobile.
The social network's stock is having its biggest single-day surge since the company went public in May. Facebook'sshares were up more than 20 percent around midday Wednesday, trading at about $23.61, and the company was the top gainer on the Nasdaq.
Multiple brokerage firms raised their price target for the social media company Tuesday after it reported a 32 percent increase in revenue and a surprising increase in mobile advertising in its third quarter earnings.