Though Snap Inc (NYSE:SNAP) has certainly had a rocky beginning following its initial public offering, Drexel Hamilton analyst Brian White parallels the popular Snapchat app parent company’s momentum to a fellow mammoth competitor: CEO Mark Zuckerberg’s brainchild, Facebook.

Believing Snap’s hurdles post-IPO match that of Facebook’s challenging start back in 2012, the analyst finally sees that “The yellow specter is starting to snap out of the Facebook funk.” In fact, White pinpoints “strong upside potential over the next 12 months” for this contender vying for king of the social media court.

Therefore, the analyst maintains a Buy rating on shares of SNAP with a $30 price target, which represents a just under 111% increase from where the stock is currently trading. (To watch White’s track record, click here)

White highlights, “Snap continues to grow at a rapid pace, introduce new innovations, roll-out compelling content and remain true to its core base of millennial followers. However, the company has wrestled with a constant narrative around Facebook competition, combined with the shift to increased automation on its ads platform and overly high Street estimates given no financial guidance.”

For those who fear Facebook will be the competition that will unhinge Snap’s prospective empire, White argues that this simply is not the case: “Since Snap’s IPO, there has been an ever growing narrative that Facebook (and related properties) is marginalizing Snapchat; however, Snapchat continues to show well with young millennials as highlighted in a recent comScore report. At the same time, we believe Snapchat’s addressable reach is more important to advertisers than DAU, casting Snap in an even more favorable light relative to Facebook (and related properties).”

Especially ahead of the big iPhone 8 release coming up from Apple, the analyst concludes believing excitement circling the field of augmented reality (AR) will only bode positively for Snap and “open up new opportunities” for this valuable tech player.

How does White’s bullish conviction weigh against the word of the Street? TipRanks analytics demonstrate SNAP as a Hold. Out of 28 analysts polled by TipRanks in the last 3 months, 9 are bullish on Snap stock, 13 remain sidelined, and 6 are bearish on the stock. With a return potential of 6%, the stock’s consensus target price stands at $15.10.