Pivotal Research analyst Brian Wieser upgraded Snap (SNAP) to Hold from Sell with an unchanged price target of $9. The stock closed yesterday down 7%, or 69c, to $9.20. 

Risks are still present, especially in the near-term, but current trading levels balance those risks with the company’ long-term potential, Wieser tells investors in a research note. Risks include “aggressive competition from much larger companies,” a core user base that is “not growing by much and is only relatively elusive,” and a “sub-optimal corporate structure,” according to the analyst. However, while Wieser does not expect Snap to be acquired “any time soon,” he believes such an event can’t be ruled out.

“This at least should help to provide a floor on the company’s underlying value, at least so long as usage trends don’t crater,” he contends.