Piper Jaffray's Top Pick For 2015

When Piper Jaffray Senior Research Analyst Gene Munster talks about Internet stocks, many on the Street are listening.

Munster was recently on CNBC to discuss his top pick for 2015: Amazon.com, Inc. AMZN.

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"A quick framework that is what you want to do to make money in large-caps is to [be] in leaders that are going to be around, that have secular growth themes, that are out of favor and have potential for margin expansion. That last point is the one that really stings investors," Munster said.

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The Pick - Amazon

Munster brought up Amazon's one-hour delivery, "which has kind of fueled that margin problem, but I think if you take a step back and look at what they're building and think about the opportunity they have ahead of them and not just with e-commerce, but EWS, I think this is a great opportunity to own the stock.”

When asked whether the market is correct in predicting that it will be tough for Amazon to achieve profitability, Munster replied, "I would disagree. I think things look darkest before dawn and if you go back and look at Facebook, when it was down on its lows or Apple or Google, all those have very credible reasons for investors to be concerned near-term. In Amazon’s case, it's about the margin […] What is the event in next year that is going to change Amazon’s psychology? And we think there is going to be fractional improvements in their margins which should be extrapolated to more improvements down the road."