Why I’m Bullish on Facebook: Bob Peck

Facebook stock could provide a 50 percent return over the next couple of years, CoRise President Bob Peck said Wednesday on CNBC.

Branding itself as a "mobile company" on its quarterly earnings call, Facebook looks like it has plenty of upside left, he added.

"It's gone from 0 percent of revenues eight months ago now to 23 percent, so that's tremendous," he said, adding that core revenue accelerated from 27 percent in the second quarter of 2012 to 46 percent now.

Margins expanded as well, Peck noted on "Fast Money."

(Read More: Facebook Stock Holds Risk: Blodget)

"Across the board, you saw the things you wanted to see," he said.

(Read More: 'Tremendous Opportunity' in Facebook: Bob Peck)

Facebook also reported that its mobile users were up 57 percent in the quarter.

"When you look at where the stock could be in about a year and a half or two years, I think you can apply a similar mid-teens EBITDA multiple, 40 times of earnings multiple, and you get to about a 50, 60 percent return in the next year and a half or so," Peck said.

Trader disclosure: On Jan. 30, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long JPM; Jon Najarian is short JPM calls; Jon Najarian is short FB puts; Jon Najarian is long QCOM 65 CALL SPREAD; Jon Najarian is long LONG PSX CALLS; Jon Najarian is long NFT CALLS; Jon Najarian is long RLI; Jon Najarian is long MAN; Jon Najarian is long MGAM; Karen Finerman is long AAPL; Karen Finerman is long AAPL PUTS; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long RIMM; Karen Finerman is long RIMM PUTS; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short IWM; Dan Nathan is long FB FEB/MARCH 34 CALL SPREAD; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA.