Two other firms — Aegis and Susquehanna — rated Snap a "hold" rating, however. Aegis cited in part Snap's slower user growth, like Twitter, and lack of an ecosystem.
Susquehanna said the company near-term could offer some upside potential.
"We also suspect that the company probably has some product innovations coming down the pike," Susquehanna analyst Shyam Patil said in a note. "We believe our numbers could have an upward bias, as well."
On Thursday, Snap began trading, closing its first day up 44 percent at $24.48 a share.
Shares jumped 10.6 percent more on Friday after NBCUniversal, the parent company of CNBC, confirmed that it had invested $500 millionin Snap on its IPO day.
—CNBC's John Melloy and Tae Kim contributed to this report.