TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, disagreed slightly, saying the stock has merely underperformed the broader market for a very short period of time.
He said the company's decision to raise the price of its Prime membership should help increase revenue and its new video streaming service could do well, too.
Cramer agreed with Oppenheimer that the stock's current valuation is reasonable, historically speaking. In fact, if investors were to group together the unprofitable, high-growth companies, Amazon would be the cheapest.
Turning to Michael Kors (KORS - Get Report), Barclay's initiated coverage of the stock with a sell rating and an $85 price target. Cramer said the downgrade will "take the Street by surprise" since "this is the momentum retailer everyone has been behind."
-- Written by Bret Kenwell in Petoskey, Mich.