Amazon Is A Top September Stock Idea From JPMorgan: 'Full Speed Ahead'?

Zinger Key Points
  • JPMorgan has added Amazon to its top ideas list for September.
  • Josh Brown says Amazon offers an attractive valuation as fundamentals remain strong, but the share price has seen a significant reduction.
Loading... Inc AMZN is featured on JPMorgan Chase's top ideas list of stocks to buy for the month of September. 

Ritholtz Wealth Management's Josh Brown is holding Amazon shares for the long term. He weighed in on the bullish short-term analyst call Thursday on CNBC's "Fast Money Halftime Report."

What To Know: Although Brown showed an unwillingness to make a call on the trajectory of Amazon stock in the short term, he told CNBC its valuation looks attractive. 

"September might be tough, but I do think you've had a huge reduction in the price of Amazon. You have not had a concurrent deterioration of fundamentals," Brown said.

Last quarter, Amazon shares tanked when the e-commerce giant reported 7% revenue growth, its slowest growth rate in two decades. 

The slowdown in Amazon's retail business is just a normalization back to the company's pre-pandemic trend, Brown said. 

"As far as Amazon Web Services, it's still full speed ahead. One of the best operators in the space," he said.

See Also: Amazon Introduces New Initiative To Resolve Supply Chain Crisis

Brown told CNBC he believes Amazon stock is a buy at current levels, but if potential investors are only buying it for September, there's a chance they will be disappointed, he said. 

"I think if you have a multiyear outlook, the stock will do just fine," Brown said.

AMZN Price Action: Amazon has a 52-week high of $188.11 and a 52-week low of $101.43.

The stock was down 0.38% at $126.29 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Amazon.

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Posted In: Analyst ColorLong IdeasAnalyst RatingsMediaTrading IdeasCNBCJosh Brown
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