The senior equity strategist at Canaccord Genuity spoke a day after Snapchat's parent fell short of Wall Street expectations for revenue and user growth in its first earnings report as a public company. The report was also an indicator on how the company has fared as Facebook pushes aggressively into its turf.
That's "a big competitor right in front of them," Graham said on "Squawk Box." "The fact that every month Snap will be battling [Facebook's] Instagram for users is a real difference in the two stories."
When Facebook CEO Mark Zuckerberg took the social media company public in May 2012, he faced the rise of Pinterest and Twitter setting records in part from the U.S. presidential election. Facebook acquired Instagram a month earlier.