Third Point's Dan Loeb made bullish comments on Amazon.com Inc (NASDAQ:AMZN) in February, suggesting the stock has $1 trillion in untapped value and is nearing a turning point.

Ritholtz Wealth Management's Josh Brown liked what he heard from the activist investor, although he warned that just because it should be trading higher, doesn't mean it will.

"I agree with it if he thinks the stock is underpriced, but here's the thing though: so what?" Brown said on CNBC's "Fast Money Halftime Report."

Loeb focuses on finding companies that are undervalued and can benefit from his help or are undervalued because the market has not yet recognized its value, according to Brown. Even if he's right, the price of the stock is still dependent on the market.

Related Link: Here's Why Activist Investor Dan Loeb Sees ~$1 Trillion Untapped Value In Amazon

"I think the company already is worth $5,000 a share," he said. "That doesn't mean it's going to go there."

There are so many moving parts in Amazon that it's hard for the market to assign a multiple to it, Brown said, noting that he thinks the stock is worth a lot more based on a sum-of-the-parts valuation.

"There's a great argument for Amazon to be higher, but so what? The market may decide it doesn't care," he emphasized: "Amazon hasn't moved since June of 2020, which is really remarkable considering how much the earnings have grown, the cash flow, the subscribers, the Prime business — the growth has been explosive."

Brown agreed there is untapped value in Amazon and thinks it's great people are starting to recognize it, but he's not convinced that the market will rerate Amazon "anytime soon."

AMZN Price Action: Amazon has traded as low as $2,048.11 and as high as $3,773.07 over a 52-week period.

The stock was down 1.09% at $2,238.10 at time of publication.

Photo: courtesy of Amazon.

(Originally published on February 18, 2022)