Amazon.com Inc (NASDAQ:AMZN) is set to announce its quarterly results after the market closes Thursday. Sand Hill Global Advisors' Brenda Vingiello thinks the stock could be positioned for upside ahead of its report after underperforming the market for more than a year.
Vingiello expects Amazon to report strong cloud revenue, similar to what Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) reported on Tuesday.
"It's the e-commerce business that I think is in question," Vingiello said Wednesday on CNBC's "Fast Money Halftime Report."
She told CNBC that Amazon's stock reflects general concerns about tougher e-commerce comparisons. With the stock sitting on the sidelines over the last year while the broader market rallied, "we think a lot of that is baked in," she said.
Amazon is the "go-to e-commerce retailer" and has continued to benefit from stay-at-home trends as COVID-19 variants come and go.
"I think they are going to continue to benefit from that ongoing shift and their place in the market," Vingiello said.
Related Link: Amazon.com Earnings Preview
AMZN Price Action: Amazon has traded as low as $2,707 and as high as $3,773 over a 52-week period.
The stock was down 1.36% at $2,982.78 at the time of publication.
Photo: courtesy of Amazon.
