Jim Cramer Says He "Wouldn't Bet Against" Amazon

Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks on Jim Cramer’s radar. During the episode, Cramer discussed the company in detail, as he said:

“We’re going to start with the daily chart of Amazon, which is Lang’s (Bob Lang, founder of explosiveoptions.net and the author of Know Your Options) favorite right now after its remarkable run over the past couple of months. Even after this move, Amazon’s trading at $222 and change, down about 20 bucks from its all-time highs…

Lang also points out that volume trends have been bullish with Amazon, often rallying on very high volume, which indicates that big institutional money managers keep loading up on this one. Finally, let’s not forget that Prime Day’s in full swing, although this year it’s four days and… not just two… I want to explain this for a second. There’s a lot of chatter this very evening that so far, Wall Street will be disappointed with the numbers from Prime and… that would obviate a lot of stuff we see. I beg to differ. I think because we’re on day two, and there’s four days, you cannot make a judgment yet.

I’m willing to go with Lang’s judgment on the chart more than the so-called chatter about how Prime’s doing in this sacred four days of buying. As Lang sees it, Amazon’s worth buying here, and he’d recommend [it] even on a pullback because he could see this stock at $222 going, I know this sounds like hyperbole, but to $260 or $270 by the end of the year. As for me, I wouldn’t bet against it. The Charitable Trust has a very big position, and I do believe that it can go higher, I don’t know, 260, 270.”

Amazon (NASDAQ:AMZN) operates a global platform for retail, digital content, cloud computing, and advertising, and offers products through both first-party sales and third-party sellers. Moreover, the company provides devices, media, and services like Prime, AWS, and tools for creators, developers, and advertisers.

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Disclosure: None. This article is originally published at Insider Monkey.