Aegis analyst Victor Anthony initiated coverage on Snap Inc. (SNAP) pre-IPO with a year-end $22 price target. Anthony is concerned about Snap's slow user growth and no growth in some regions, comparing it to Twitter's (TWTR) issues, the ease of which Facebook (FB) has replicated parts of Snap's products, Snap's lack of an ecosystem, inferior ad capabilities, an ad mix heavily weighted towards brand versus direct response, advertisers view Snap as experimental spend, lack of a defined path towards profitability, and zero investor control over corporate governance. However, the analyst's checks within the ad industry indicate marketers are "enthusiastic" about creating ads to get in front of Snap's demographic,its most valuable asset. Anthony believes Snap will be a sustained ad share gainer over the next two years, which should be enough to drive upside to the offering price range.