Jim Cramer said Monday on CNBC's "Squawk On The Street" that the analyst note from Morgan Stanley about Amazon.com Inc AMZN is one of the great pieces he has read.
What Happened: Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and a $4,500 price target on Amazon. The analyst noted if Amazon was valued using a price-to-earnings multiple on GAAP earnings, the stock could be worth $5,000 to $6,000 per share in the next 12 months.
See also: How to Buy Amazon Stock
Amazon is cheap, but its valuation is an "art not a science," Cramer said, adding that the analyst used the same phrase in his note.
Cramer said he agrees with the analyst, mentioning he loves Amazon at its current price.
See Also: PreMarket Prep Stock Of The Day: Amazon
AMZN Price Action: Amazon traded as high as $3,554 and as low as $2,330 over a 52-week period. At last check Monday, the stock was up 0.85% at $3,250.26.
Photo courtesy of Amazon.
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