NEW YORK (TheStreet) --RBC Capital Markets lead tech analyst Mark Mahaney currently has an "outperform" rating on (AMZN) - Get Reportstock with a $950 price target. He stands by this rating and price target, despite the e-commerce giant reporting weaker-than-expected results for the 2016 third-quarter.

Amazon posted earnings of 52 cents per share, below analysts', expected 78 cents per share. Revenue came in at $32.71 billion, beating projections of $32.69 billion. The stock has since retreated.

"We refer to this as a buy on the blip moment, not a buy on the dip. It's off 4% off an all-time high with a 20% plus year rally, it's not a great buying opportunity, it's an okay one," Mahaney said during CNBC's "Squawk Alley" today.

He pointed to three areas the company is "investing aggressively" in that could equate to more long-term growth.

The first is the company's investments in India. "Over the last three years they have gained pull position and are now the market leader," Mahaney added.

Second, the video content, which he referred to as "odd" as Amazon is an e-commerce giant. However, he noted that the users who engage more with Amazon video are more likely to make retail purchases. Third, the company's fulfillment and distribution, explaining that Amazon is getting out in front regarding capacity for the upcoming holiday season.

"If you're a long-term holder there is no change to the thesis. I don't think there's any change to the growth and profitability profile of the company. They're making elective investments that are relatively short-term in nature. So I don't view this as a dramatic change in the long-term trajectory," Mahaney said.

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Shares of Amazon were lower in midday trading on Friday.

( is held in the Growth Seeker portfolio. See all of the holdings with a free trial).

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and good cash flow from operations.

The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.

Recently, 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.

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

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