Snapchat IPO

Now that Snap is public, Wall Street is dividing into bull and bear camps

How to approach Snap Inc: Pros

Snap began its life as a public company Thursday, and already Wall Street is divided over how to view the company's future.

Research firm Pivotal Research Group, the first firm to issue a rating on Snap, declared it a Sell shortly after it started trading, with a price target of $10 per share. (Snap closed at $24.48.)

Instinet also issued a negative rating, saying investors will likely be disappointed by the company's financial results.

Firsthand Funds' Kevin Landis told CNBC he wanted to get in on stock the two years ago while it was still private, and was unable to do so. For now, he's not looking to buy, and is concerned about the fact that investors who purchased shares during the IPO don't have voting rights.

"I wish I could pound the table about this issue," Landis said.

Others were at least mildly bullish, though.

The bear case for Snap

Aegis Capital's Victor Anthony said in a note to investors that the research company "conducted extensive checks within the ad industry and find that marketers are enthusiastic about the prospects of creating ads to get in front of Snap's coveted demographic."

"As such, we see Snap as a sustained ad share gainer over the next two years. That alone should be enough to lead to upside to the offering price range this year," he said in the note. Still, the company has a Hold rating on the stock and a $22 price target.

In an interview on CNBC's "Closing Bell," Navy Capital's Sean Stiefel said he bought shares of Snap Thursday. He's optimistic about the company's ability to monetize users.

"This is not about 2016 numbers," Stiefel told CNBC Thursday. "This is about the story of bridging the divide between physical and digital worlds."

Hardware and in-app purchases will be a big part of the Snap's revenue, Stiefel said. "But we're most excited about ad revenue going forward."

Shares of Snap spiked close to 50 percent in their first day trading, so on day one the bulls were ahead.

Watch: Seaburg's bear case on Snap

Bear case on Snap

Disclosure: NBCUniversal is an investor in Snap.