Jim Cramer is a little uneasy with Amazon (AMZN) - Get Report stock but takes solace in a report by a notable analyst who maintains that the e-commerce giant is undervalued.

"I'm struggling with Amazon right now because I think they're in a spending cycle right now," Cramer said, "meaning they are not necessarily going to show the earnings growth that you might want."

Amazon's stock closed at $625.89 Friday. The company has yet to report its first-quarter earnings results. In January, the Seattle company posted earnings of $1 per share, much less than the $1.58 per share analysts surveyed by Thomson Reuters expected.

Cramer added that SunTrust's Bob Peck, who Cramer described as "my favorite Internet analyst," valued Amazon's web services alone at $100 billion. "That makes me feel good," Cramer said, adding to a similar sentiment Monday when he noted Peck "is the guy I listen to the most, the guy that has made us the most money." Peck explained to Cramer on Monday he thinks Amazon is undervalued due to the company's growth.

Amazon recently released the latest version of its Kindle e-reader, called the Kindle Oasis, and expanded its one-hour delivery Prime Now service in England's Surrey County. For its Kindle, Amazon said is the thinnest and lightest version of the device released yet and has battery power that will last for months. For Prime Now, the web giant now offers more than 15,000 items for Surrey residents.