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Snap‘s stock could be ready to bottom out, and could rise to $30 a share, tech analyst Brian White told CNBC on Monday.

The Drexel Hamilton analyst explained on CNBC’s “Squawk Box” that about four months after Facebook went public the stock was down 60 percent and then rose. Four months after Snap’s IPO, the stock is down 48 percent and is poised to rise, he said.

“I think it’s a great buying opportunity,” White, global head of technology hardware and software at Drexel, said. “If you look at a lot of high growth companies, in the first 3 years after an IPO they trade at 9 to 22 times enterprise value to revenue.”

Shares of Snap fell below their IPO price for the first time last week. Snap dipped to a low of $16.95 before closing at $16.99, just below the $17 price of the March offering. The stock closed at $15.27 a share on Friday.

White said Snap is feeling some pressure from Mark Zuckerberg, whose company has cloned some of Snapchat’s most popular features and has dominated the mobile ad revenue market. But it “doesn’t have to be winner takes all,” White said.

CNBC’s Jim Cramer predicted on Thursday that Snap might get a summer bump. He said insiders who got a crack at the Snap IPO at the offer price won’t sell the stock when they’re finally allowed to on July 31.

“I think the next thing that happens is the insiders come out and say, ‘We’re not selling, not at these prices. If anything, were buyers,’ he argued.

Other analysts say they’re concerned with Snap’s slow development of ad products and Facebook’s recent aggressive approach.