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Snap's future is in TV, says the analyst who gave Snap its first buy rating

Scrolling through Snapchat could soon be the "digital equivalent of channel surfing," analyst James Cakmak told CNBC's "Power Lunch" on Monday.

Cakmak is the first analyst to slap a buy rating on the so-called camera company that just went public earlier this month. The stock has been on a bumpy ride since then and fell below $20 for the first time last Thursday, after peaking near $30 per share.

Moving forward, Snap's revenue is going to come from mobile video, Cakmak said. As it stands, "nothing [when it comes to video content] is produced specifically for mobile," even from social network giant Facebook.

Snap should shift to a "TV-affiliate model" and then control users' viewing experience with its own products — think Spectacles — and unique content, the analyst said. Content that can be curated specifically for each viewer's personal preferences, Cakmak emphasized.

"This is going to be a [complete] TV, mobile, video experience," he said.

Cakmak's research group, Monness Crespi Hardt, initiated coverage Monday on the parent company of Snapchat with a buy rating and price target of $25. Snap was up close to 2 percent Monday, ahead of market close.

"We recognize we are potentially giving too much credit for unproven skills in building a business, rather than just a product, but we see more to Snap than many suggest," Cakmak said in his Monday note to clients.

Everyone is trying to do the same thing, but Snap is the only one producing, the analyst added in his CNBC interview. "Where's the innovation coming from? It's coming from Snap."

Following its market debut at the beginning of March, Snap now maintains 1 buy, 6 sells and 3 holds from analysts covering the company.

Disclosure: CNBC parent NBCUniversal is an investor in Snap.