Why Amazon Shares Present 'A Lot Of Opportunity' At Current Levels

Amazon.com, Inc. AMZN is only up about 4.50% year-to-date, but the stock was named a top mega-cap pick and a best idea for 2022 by Cowen on Monday.

What Happened: Cowen analyst John Blackledge maintained Amazon with an Outperform rating and raised the price target from $4,300 to $4,500. Blackledge expects accelerating topline growth for Amazon starting in 2022. 

See Also: You Ask, We Analyze: Can Amazon's Stock Catch Up To Apple And Break To New Highs?

Why It Matters: "I think this company was clearly a beneficiary of the COVID environment and they've had tough comparisons, but you know what, next year the comparisons get a lot easier," Sand Hill Global Advisors' Brenda Vingiello said Monday on CNBC's "Fast Money Halftime Report."

Amazon has invested a "tremendous amount" into increasing its supply chain capabilities for the fourth quarter, Vingiello said, adding she expects consumers to be satisfied with their Amazon holiday shopping experiences.

Vingiello expects Amazon will gain market share as a result of the supply chain investments. Regardless, the company won't have to spend as much next year which should help boost growth.

"I think this is still a great stock. I think it's well-positioned ... and there is still a lot of opportunity here," she said.

AMZN Price Action: Amazon has traded as high as $3,773.08 and as low as $2,881 over a 52-week period.

The stock was down 1.09% at $3,406.64 at time of publication Monday afternoon.

Photo: Courtesy of Amazon.