Bank of America Merrill Lynch on Wednesday made Facebook its top pick in the internet media space, saying metrics disclosed by Snap for its coming IPO revealed the social video app as a less formidable competitor than the bank feared.

“The Snap metrics are now available and comparable 4Q [fourth-quarter] user growth trends suggest less competitive pressure than expected, in our view,” equity analyst Justin Post wrote in a research note.

Snap, the parent company of the popular messaging app Snapchat, last Thursday filed for an initial public offering that could place its valuation as high as $25 billion.