Some investors are starting to get bullish on Amazon.com Inc (NASDAQ:AMZN), as it has lagged the overall markets, trading essentially flat year-to-date. Requisite Capital Management’s Bryn Talkington still wants to own tech stocks and sees an opportunity in Amazon.
Talkington told CNBC Friday she bought Amazon stock last week.
“If you go back to about a year and a half ago and look at a chart on Amazon, it’s been in this really nice channel between about $3,150 and $3,600,” Talkington said. “I added it last week right around $3,200 because I think it’s a great entry point.”
Amazon is a high-quality stock and its multiple has been contracting as the company’s earnings have continued to increase, she said.
Market Rebellion co-founder Pete Najarian agreed and noted he recently bought Amazon call options.
“I think there are quality names out there that can survive in whatever market we are in,” he said, adding that Amazon is one of those quality names.
Najarian expects that there is upside ahead for quality technology names.
AMZN Price Action: Amazon has traded as high as $3,773.07 and as low as $2,881 over a 52-week period.
The stock was up 0.09% at $3,305.25 at the time of publication.
Photo: courtesy of Amazon.