Why Amazon Stock Has A Lot Of Room To Go Higher

Amazon.com, Inc AMZN has a lot of room to go higher, chief market strategist for Lido Advisors Gina Sanchez said Wednesday on CNBC's "Trading Nation."

Amazon is a staple in the Lido Advisors portfolio, Sanchez told CNBC.

The trend toward e-commerce was already well established before the COVID-19 pandemic, she said, adding that the pandemic "brought in the late adopters and forced them to the party."

The cloud business for Amazon was up 32% last quarter and that just can't be ignored, Sanchez said.

Amazon Earnings: Amazon reported first-quarter financial results on April 29. The company reported earnings of $15.79 per share, beating the estimate of $9.54 per share and $108.5 billion in revenue, beating the estimate of $104.46 billion. Amazon provided revenue guidance between $110 billion and $116 billion for the second quarter. 

"In just 15 years, AWS has become a $54 billion annual sales run rate business competing against the world’s largest technology companies, and its growth is accelerating — up 32% year over year," said Jeff Bezos, founder and CEO of Amazon. 

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AMZN Price Action: At market close Wednesday, Amazon was down 1.25% $3,270.54.

(Photo courtesy of Amazon)