After the close yesterday, Snap (SNAP) got a Buy rating from Drexel Hamilton with a $30 target. With up to 1.5 billion shares outstanding, Snap would reach a valuation of $45 billion at that price. Of course, the ironic part is that Snap nearly reached that target in the days after the IPO supporting that investors should've dumped the stock at that point. Of course, Facebook (FB) is worth over $400 billion now so anything is possible. The view of Brian White is very aggressive. The analyst focuses on the global population of millennials that reaches 2 billion with some 385 million in India. The expectations that Snap could dominate foreign markets that tend to impose restrictions on U.S. companies seems unlikely. Not to mention, the value of an Indian customer is very low at this point to place much value on those users. The bigger issues is understanding how Snap can be worth $45 billion with the "hope" that 2018 revenues reach $2 billion. Over a year after an IPO, a stock rarely trades at over 20x forward sales making a realization of the $30 price target highly improbable. My view remains that Twitter (TWTR) is the best play in the sector due to value. If Snap was to be worth $45 billion, then Doug Kass is probably correct that a buyout of Twitter will occur. Market has completely overlooked the growing engagement sending the stock down towards all-time lows. Anybody see Snap reaching $30 again?Disclosure: Long TWTR