Another celebrity is publicly denouncing Snapchat, and again, Snap Inc (NYSE:SNAP) is dropping as a result.

Snapchat recently ran a controversial advertisement on its platform that asked users if they would rather slap pop star Rihanna or punch R&B artist Chris Brown. This ad was distasteful at best, as Chris Brown notoriously assaulted then-girlfriend Rihanna back in 2009.

Upon hearing of the ad, Rihanna fired back at Snap, posting an Instagram Story (of course) wherein she blamed Snap for making a joke of domestic violence and bringing shame to domestic violence victims.

As a result of all this, SNAP stock gave back roughly 4% and is down 41 basis points in Friday morning trading.

Sound familiar?

If it does, that’s because toward the end of February social media influencer Kylie Jenner tweeted that she doesn’t use Snapchat that much anymore because of the confusing app redesign. That same day, SNAP stock fell 6.1% to $17.50.

That was a good time buy SNAP stock. It bounced from that level to $18.50 by March 7, and has remained largely above $17.50 ever since.

Until today. But is this celebrity-inspired selloff another buying opportunity?

I think so. Here’s why.

No User Churn, No Revenue Drops

As a human being, I find the ad exceptionally distasteful.

But as a user, I’m not going to interact less with Snapchat as a result of one distasteful ad. If it becomes a pattern, then there will be a drop in engagement and maybe even user churn.

On the one hand, a lot of Snapchat’s content is already on the border of controversy (remember, this was the app that got its start through sending and receiving nude pictures). Plus, a lot of Snapchat’s users are young, and young people have a bit more wiggle room when it comes to controversial ads.

On the other hand, advertisers likely won’t pull money from Snap as a result of one controversial ad. Again, if it becomes a pattern, then advertisers will pull out. But right now, the trend is small- to medium-sized businesses pumping more ad dollars into Snap Inc.

All in all, I don’t reasonably see Snapchat engagement or ad revenues being impacted by one controversial ad.

But SNAP stock is dropping as if both were going to be negative impacted.

This is the same thing that happened with Kylie Jenner and her tweet a few weeks ago. In the grand scheme of things, a single negative tweet or a single controversial ad aren’t going to change the fundamental growth narrative at Snap.

So when SNAP stock drops on inconsequential news like this, it is a near-term buying opportunity.

How long you hold depends on your long-term outlook on Snap. Either you don’t really believe in the Snap Inc growth narrative and you buy dip and sell the bounce. Or, you do believe in the growth narrative, so you buy the dip and hold for the long haul.

Either way, you buy this dip.

Bottom Line on SNAP Stock

I’m cautiously optimistic on SNAP stock long term.

This is a company that has captured the attention of America’s youth, and for that reason, it should be able to morph into a go-to digital advertising platform for companies seeking max engagement and distribution among young consumers. That growth narrative gives SNAP stock a pretty big and long runway to grow into its valuation.

Consequently, I’m buying this dip and holding for the long term. But even if you don’t like the long-term growth narrative at Snap, I still think this controversial ad-related dip presents a good short-term trading opportunity.

As of this writing, Luke Lango was long SNAP stock.