Deutsche Bank analyst Lloyd Walmsley initiated coverage on Snap Inc. at "buy," while noting that the company offers the "next great mobile ad business amidst a sea of investor skepticism," TheFly.com reported March 28.

Walmsley also cited Deutsche Bank's consumer survey to say that several key investor concerns are overblown. The analyst has a $30 price target on the company's stock.

Analysts at Citi and Bank of America Merrill Lynch also started their coverage on Snap.