The firm has a $43.price target on the stock. Nomura's analysts noted that the move was a valuation call.
The stock is up 3.64% to $31.62 in pre-market trade.
Snap shouldn't be compared to Facebook, but its success depends on its ability to fend off the social media giant's Stories-like features, according to Piper Jaffray.
In the first quarter of the year we've seen some high-profile IPOs. But they're not all created equal. Here's what investors should keep an eye out for ... and avoid.
Drexel Hamilton's Brian White sees Snap's unique appeal and value proposition as comparable to those of Apple.