Amazon.com Inc AMZN surged to new all-time highs Tuesday following the company's CEO transition which saw Andy Jassy take over for founder Jeff Bezos. The stock is continuing to trade higher Wednesday in premarket trading.
Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, said Wednesday on CNBC's "Squawk Box" that she added to her Amazon position about two weeks ago.
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Even after the strong move, the stock is still going to trend higher, Link said. The stock consolidated over the last eight months, which led her to buy more.
Link said Amazon is a "behemoth" in the e-commerce industry and its valuation is still reasonable. She doesn't plan to sell any of her current position.
AMZN Price Action: Amazon is up 12.86% year-to-date. At last check Wednesday, the stock was up 0.71% at $3,701.96.
Photo: courtesy of Amazon.
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