Snapchat co-founders Bobby Murphy and Evan Spiegel at the New York Stock Exchange (NYSE), March 2, 2017 in New York City.

Snap shares rose 10.1 percent on Tuesday after Barclays said the social media company could hit a "turning point" next year.

The investment bank upgraded Snap to overweight from equal weight and raised its price target to $18 a share from $11, implying a 32.7 percent upside from Monday's close.

"We've been on the sidelines since the IPO, but feel now is a good time to start accumulating shares," Barclays analyst Ross Sandler said in a note Tuesday. "Snap may start hitting or exceeding consensus revenue estimates and accelerating growth in 2018 now that the pricing transition is [in the] late stage."

Sandler also said Snap could benefit from a narrative change away from 2017's "Facebook is killing Snap" to "these companies can co-exist" like Priceline Group and Expedia.

Snap shares have fallen nearly 45 percent since going public in early March, as the company has failed to meet investor expectations. Mounting pressure from Facebook has also pressured the stock lower.

Disclosure: CNBC parent NBCUniversal is an investor in Snap.