NEW YORK (TheStreet) -- Amazon.com's (AMZN) - Get Report top line results are more important than its bottom line miss, Canaccord Genuity's Michael Graham said on CNBC's "Closing Bell" on Thursday afternoon. The firm has a "buy" rating and $825 price target on the stock. 

The e-commerce giant reported earnings of 52 cents per share, missing analysts' estimates of 78 cents per share, after the close today. However, revenue rose by 29% year-over-year to $32.71 billion, slightly topping expectations of $32.69 billion.

"The top line is the most important thing here," Graham said.

Investors may be disappointed because Amazon's past two quarters "blew away numbers both times," but this quarter is still "very good," he explained. "It's just not as good as the last couple."

An important figure to note is that Amazon Web Service's (AWS) revenue grew by 55%, Graham noted. 

"That's really important because in a few years AWS will be half of Amazon's earnings and a big growth driver," he explained. 

While some investors may call for Amazon.com to split Amazon Web Services into a separate business in time, the company will be able to deflect any calls for that move so long as its core business keeps doing so well, Graham said. 

TheStreet Recommends

(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with afree trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings has this to say about the recommendation:

We rate AMAZON.COM INC as a Buy with a ratings score of B-. COM INC (AMZN) a BUY. This is driven by multiple strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.

You can view the full analysis from the report here: AMZN

Image placeholder title

AMZN

data by

YCharts