Wall Street continues to shower newly minted public company Snap Inc. (SNAP) - Get Report with hatorade. But, major retailers can probably care less about that.

The social media upstart's"unproven" business model makes it seem less like a $20 billion-plus public company and more like a start-up that's still figuring itself out, according to Cantor Fitzgerald analyst Youssef Squali, who on Wednesday initiated coverage of the stock with an Underweight rating and an $18 price target.

None of the other eight Wall Street analysts who currently cover Snap have buy ratings on the stock, as TheStreet has reported.

Nevertheless, Snap Inc.'s lofty IPO valuation was predicated in part on its user engagement, something that many retailers are trying to capitalize on.

In its S-1, Snap said users age 25 and older visit the Snapchat app an average of twelve times a day and spend about twenty minutes on it, while those under 25 visit more than 20 times a day and spend more than 30 minutes. And advertisers have noticed this trend: average revenue per user rose 25% year-over-year to $1.05 in the quarter ending Dec. 31.

Here's a look at some of the retailers using Snapchat the best. Eat your heart out, Wall Street.

Editor's Pick: Originally published March 13.