Jim Cramer Says It's 'Time To Buy' Amazon Stock, Suggests JPMorgan Has Inside Information As Analyst Calls For 40% Resurgence

Amazon.com Inc AMZN shares are moving higher Thursday following a pair of bullish analyst notes on the e-commerce giant. One of the analyst firms believes sentiment is way too negative and Jim Cramer agrees.

What To Know: JPMorgan analyst Doug Anmuth maintained Amazon with an Overweight rating and lowered the price target from $142 to $135 after adjusting Amazon Web Services expectations and addressing concerns.

Anmuth still sees significant upside, as he said the stock has underperformed and investors appear to want nothing to do with the mega-cap company.

"Amazon shares are up only 14% over the past 3 years vs. the SPX up 63%, and we continue to believe investor sentiment on AMZN is near multi-year lows," the JPMorgan analyst wrote in a new note to clients.

Although the macro environment looks like doom and gloom, Anmuth sees some sunshine peeking in through the clouds. Near-term pressure on AWS growth, margins and cash flow should subside as the year progresses, he said, adding Amazon is taking steps to keep costs in check. 

As a result, the JPMorgan analyst maintained Amazon as the firm's "Best Idea" and reiterated an Overweight rating. Anmuth expects the stock to be trading around $135 by the time December comes around.

Related Link: Amazon Is JP Morgan's Best Pick: Analyst Says Investor Sentiment On Stock Is Near Multi-Year Lows

Cramer's Take: Cramer said JPMorgan is spot on with its take. He recapped the note Thursday morning on CNBC's "Squawk On The Street," flagging it as a buying opportunity. 

The "Mad Money" host suggested that JPMorgan may even have some information the rest of the market is missing.

"I would not make this call unless I had something in hand that told me that they're going to curtail the table of employment and lay people off," Cramer said.

"Could they embark on a scorched Earth Mark Zuckerberg plan? We don't know, but to me this piece read like it can't get worse, time to buy."

He noted the analyst's take is largely based on sentiment and suggested attitude toward the company shouldn't be where it is, considering Amazon's "terrific" management.

Amazon isn't going to just sit around and say "things are OK," Cramer said: "They are guys who like to make money."

Check This Out: Amazon Stock Breaks From Pattern, Prints Bullish Candlestick: A Technical Analysis

AMZN Price Action: Amazon shares took off Thursday morning on the heels of the call from JPMorgan. A $140 price target from JMP Securities may also be adding some fuel to the rally. 

The stock was up 4.26% at $100.30 at the time of writing, according to Benzinga Pro.

Photos: courtesy of Amazon and Owen Byrne from Flickr.