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Shares of Snap (SNAP), the recently public messaging-cum-camera company, got a positive initiation of coverage this afternoon from Drexel Hamilton’s Brian White, the second time this week it’s gotten a positive review following a raft of negative reports since its initial public offering on March 2nd.

White, who starts Snap at Buy, wth a $30 price target, writes of Snap that it "is a very unique tech company that should not be pigeonholed in a particular industry."

White’s report follows an initiation at Buy yesterday by Monness Crespi Hardt’s James Cakmak.

What is it, exactly? White writes Snap is using the term camera company to foster a “mindset for innovation,” and that it is "a platform for the imagination that unlocks the creativity of its users and allows uninhibited expression with friends."

He also labels it, "a fun place to spend time which can be monetized."

Snap has “cachet with millennials,” writes White, a group others struggle to lure. He predicts Snap could, as a result, be big in India:

Millennials are a massive generation at approximately 27% of the global population or 2 billion people (Pew Research Center) with the largest contributions from India, China and the United States. India is the largest millennial country in the world at 385 million people (Pew Research Center) and we believe Snap has a big opportunity in the country over the next 3-5 years. Although Snap currently has limited access to China given its primary reliance on Google Cloud; we believe the company could leverage AWS through its cloud partners over the next 3-5 years.

There are certainly risks, he acknowledges, such as Facebook’s (FB) Instagram photo sharing service, which he concedes has had an impact on Snapchat’s growth, "However, Snapchat Stories is more popular than Instagram Stories with the millennial crowd."

But all that makes him like Snap: "the company is still a little rough around the edges in its development and business model,” writes White, "however, this is one of the reasons we like Snap as an investment as we see the potential but it is not yet reflected in the stock price.

And what about the fact co-founder and CEO Evan Spiegel and co-founder and CTO Robert Murphy have a combined 88.5% of the voting power, and the IPO "Class A” shares have no voting rights?

Well, White is inclined to empathize with the founders:

Given Steve Jobs’ fall from grace at Apple in 1985, it is not a surprise that Evan and Robert want to protect their vision for the company by making sure Snap remains a “founder-led company”. Another concern is that Evan and Robert are young in their careers and lack the experience of more seasoned executives. That said, many of the greatest tech companies of our time were founded by very young entrepreneurs with limited executive experience, including Apple, Facebook, Google and Microsoft. Moreover, the company only began to monetize Snapchat in 2015 and revenue grew by 590% to $404.5 million in 2015. Given the size of the mobile advertising market, the growth in the average daily active user base and the product innovation coming out of Snap, we believe the company can deliver high growth rates in the future. For example, we are projecting 118% sales growth in 2017, 100% in 2018 and 63% in 2019.

And White finds the valuation not objectionable considering what he sees as the potential for the company:

Given the high revenue growth rates that we expect from Snap in the coming years, we believe the stock is attractively valued for healthy upside potential. Currently, Snap trades at a EV/revenue ratio of 28.6x our CY:17 sales forecast but this falls to 14.3x based on our CY:18 estimate and 8.8x our CY:19 sales estimate. Moreover, the stock is down 32% from its high this month and up just 17% from its IPO on March 2. Given Snap’s rapid growth and the company’s newbie status on Wall Street, we believe a comparison of the company’s valuation with other rapidly growth companies of the past makes more sense than comparing it with more mature growth companies such as Facebook and others. As such, we analyzed high growth companies (seventeen companies) of the past and the EV/NTM sales ratios ranged from 9x at the trough to 22x at the peak in the first three years after going public. Moreover, next-generation software players in our coverage universe have previously traded (early 2014) at valuation levels that are similar with Snap but delivered slower revenue growth rates. For example, Splunk reached an EV/ revenue ratio of 28x in early 2014, while Workday reached 27x and Tableau traded at 18x. However, these companies delivered lower revenue growth rates than we are modeling for Snap. For example, we are modeling Snap sales will increase by 118% in 2017, while Splunk grew sales by 52% in CY:14, Workday delivered 68% growth and Tableau reported 78% growth. As such, we believe Snap is not expensive for the company’s high revenue growth rate. By comparison, Facebook reach a peak EV/revenue of 15x during the first year after its IPO with an average EV/revenue ratio of just over 8x; however, the company grew sales by just 37% in 2012 to $5.1 billion and was mature relative to Snap that we estimate will reach sales of $881.2 million in 2017. Furthermore, Facebook announced plans to acquire WhatsApp for approximately $19 billion in February 2014 (closed in October 2014) and the company had only generated $10.2 million in 2013 revenue with $15.3 million in H1:2014 sales (and a net loss of $232.5 million). Although WhatsApp had 450 million monthly active users in February 2014 with approximately 70% using the service each day or 315 million versus 158 million average daily active users for Snap, we believe there is more innovation on the Snapchat platform that can open up new monetization opportunities in the future. Given the extremely low interest rate environment, and Snap’s growth trajectory with millennials, mobile advertising and AR, we believe the stock is not overvalued. Moreover, we believe the Snapchat platform is valuable and thus this opens the company up as an acquisition target by leading tech players.

Snap today closed up 45 cents, or 2.3%, at $20.38.

Previously: Snap: Finally, Some Love! It's a 'Software-Enabled Portal,' Says Monness Crespi, March 20th, 2017;

Snap: Lots of Engagement, Not a Lot of Advertising, Says Mizuho Survey, March 17th, 2017;

Snap: Costly To Short, But It’s a Sell, Says MoffettNathanson, March 16th, 2017;

Snap: Numbers Don’t Add Up Even Assuming Success, Says Cantor, March 14th, 2017;

Snap: The Next Tumblr? March 10th, 2017;

Snap Stock Is ‘Like A Lottery Ticket:’ Needham Says Sell, March 6th, 2017;

Snap: Will The Euphoria Continue? March 3rd, 2017;

Snap Worth $22, Says Aegis: Ad Targeting Poor Versus Facebook, March 2nd, 2017;

Snap: Sell, Says Pivotal, $10 Target, Based on 2023′s $6.7B Rev, March 2nd, 2017.