With a record Prime Day in the books, Amazon (AMZN) is "the best set-up" among the FANG stocks and other big-name Internet companies for the second half of the year, Cowen analyst John Blackledge suggested in a Friday report. Facebook (FB) has strong prospects based on its growth in users and advertisers, the analyst wrote, while Netflix (NFLX) can also expect a solid quarter, but Alphabet's  (GOOGL)  regulatory woes overseas may taint strong results.

Even after gaining more than 33% this year, Amazon is Blackledge's top pick for 2017.

"At the center of our bullish thesis is our belief that [Amazon] will continue to gain share in large, historically 'non-core' retail markets," Blackledge wrote, citing food and beverages, consumer packaged goods and apparel. Keep in mind that Amazon's food and consumables businesses does not yet reflect the recent $13.7 billion purchase of Whole Foods market Inc. (WFM) .

When Amazon reports on July 27, the analyst expects sales to grow 24% to $37.7 billion.

Amazon has not disclosed the take from Prime Day, but estimates range from $1 billion to $2 billion

Amazon Prime will ultimately drive Amazon's gross merchandise volume from $252 billion this year to $652 billion by 2022, Cowen projects. Other bright spots include the Amazon Web Services cloud business and the company's growing advertising business. While the prestige value of Amazon's original content studios is not part of Blackledge's thesis, the company racked up 16 Emmy nominations for "Transparent," "Catastrophe" and other original shows on Thursday.

Facebook and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB or GOOGL? Learn more now.

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