Has Facebook done enough to become a viable advertising vessel? We’ll find out Wednesday, when the company presents its fourth-quarter earnings report. Already, Sterne Agee is standing by its buy rating for Facebook by predicting that Wednesday’s call will be a positive one.

According to MarketWatch, analysts Arvind Bhatia and Brett Strauser of Sterne Agee passed along this note to clients:

We continue to believe Facebook should be a core holding in Internet portfolios. We believe Facebook is well-positioned to benefit from two secular trends in advertising — the shift from offline to online advertising and the increasing importance of a “social” context in online advertising.

The note says that Sterne Agee expects Facebook to have a positive fourth quarter to show investors, including a 75 percent rise in sequential mobile revenue growth.

Readers: If you were an investor, would you be happy with what Facebook has done in the past three months?