Facebook Inc.’s (FB) Instagram may have hit a milestone last month when it announced it has more than 1 million monthly advertisers, but Snap Inc.’s (SNAP) Snapchat has something over the social network: a growing user base of older people.

That’s according to Jefferies analyst Brian Fitzgerald, who said in a note to clients Monday that based on a proprietary survey conducted by the Wall Street firm, he was surprised to see Snapchat’s engagement is growing among older people.

 "We found that usage has increased across the platform, but the most improvement has been seen in users aged 25+," wrote the analyst in a research report. Jefferies found that 44% of those 34 to 44 use Snapchat more now than in the past while 41% of users between the ages of 25 to 34 use Snapchat more often than in its first survey in June. Jefferies polled 1,000 internet users in the U.S. between the ages of 18 to 45 that use both Snapchat and Facebook platforms.

Not a Zero-Sum Game

Jefferies noted that Snapchat, which is now a public company, needs to continue to grow its user base, including among older people to succeed. "Our findings suggest Snapchat's engagement has actually increased, but interestingly not at the expense of [Facebook's] Instagram—suggesting it is not a zero sum game," the analyst added in the note covered by CNCB. He said that over the course of the next year to year-and-a-half, Snap’s biggest growth drivers will be its ability to capitalize on its “massively engaged user base,” through growing its advertising services. Jefferies has a buy rating on shares of Snap and a price target of $30 a share. (See also: Snap Inc. Accused of Inflating User Numbers.)

Snap has been increasing its push in the advertising market and earlier this month rolled out a featured aimed at where Facebook dominates: mobile ads. According to a recent report in Business Insider, Snap is now enabling advertisers to target ads at Snapchat users that are most likely to download their apps. Snap said it is using machine learning technology it developed to enable targeted ads for apps. “We've been listening closely to direct-response advertisers and are excited to announce the ability to 'bid for installs' in our auction," Peter Sellis, the director of monetization product at Snap Inc. said in a statement to Business Insider. “This is a new, cost-efficient way to drive app installs right from Snapchat."

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