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Top Tech Stocks for 2010: TheStreet's Mid-Year Report


Updated with Red Hat's first-quarter results.

NEW YORK ( TheStreet) -- Six months ago TheStreet busted out its top tech stocks for 2010. Here's our mid-term report for three of them.

Internet behemoth Amazon (AMZN) made our list of the year's top tech stocks after leaving rivals like eBay (EBAY) trailing in its wake. After successfully navigating the recession, Amazon was seen as one of the few large-cap tech companies capable of major growth.

Investors, however, have been less than impressed with Amazon so far this year, although the market's expectations may have been over-inflated.

Even good first-quarter results were not enough to drive the company's stock upward, although disappointing guidance weighed on Amazon's shares. Overall, Amazon's share price has dipped 0.98% over the last six months.

There are certainly some big hurdles in Amazon's path. The strengthening dollar, for example, recently prompted Barclays Capital to trim its Amazon price target and EPS estimates. State taxation of Internet sales, the so-called Amazon Tax, could also prove a headache for online retailers.

Another threat looming on the horizon is Apple's (AAPL) iPad, touted as a potential Kindle-killer.

Still, there are plenty of positives in the Amazon story. As of last month, the retail giant had reportedly sold 3 million Kindle e-readers, although exact figures have not yet been released. Amazon also clinched a recent deal to sell Kindles at retail giant Target (TGT).

The company's acquisition of popular online shoe seller was also a shrewd move that bodes well for the future, and third-party sellers are expected to drive Amazon's overseas sales.

Thomas Weisel recently initiated its coverage of Amazon with a Market weight rating and $135 price target. Amazon now holds a significant portion -- 12% -- of the total U.S. e-commerce market, according to the analyst firm.

Currently trading around $126.49, Amazon's share dip could still spell longer-term upside for investors.

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