Snapchat Overtakes Facebook's (FB) Instagram as Top Social Network for Teens - Piper Jaffray Survey

Piper Jaffray analyst Gene Munster highlighted that the firm's semi-annual 'Taking Stock with Teens' survey showed that Snapchat was the new most-favored social network for teens, following by Facebook's (NASDAQ: FB) Instagram and then Facebook itself.

75% of teens in the survey said they used Snapchat (up from 74% in the fall survey), versus 74% for Instagram (down from 76%) and 59% for Facebook (up from 57%) Twitter (NASDAQ: TWTR) remained flat at 58%.

Munster said while they had expected Snapchat to gain ground and surpass Twitter (3rd place), they did not expect Snapchat to move past Instagram (2nd place now) for another iteration or two of the survey.

"We believe that teens are using both Instagram and Snapchat, with Instagram more of a tool to show a curated version of oneself to the world vs Snapchat to show a less edited version of oneself to friends," he said.

Munster said they not believe investors should overreact to the data. " Facebook lost its top spot among teens over three years ago and has gone on to produce strong double digit y/y growth in that period off a large base," he notes. "We believe that Instagram remains significantly undermonetized"

The firm reiterated an Overweight rating and price target of $170.

For an analyst ratings summary and ratings history on Facebook click here. For more ratings news on Facebook click here.

Shares of Facebook closed at $110.61 yesterday.

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