Buying opportunity in tech names: RBC's Mahaney

One tech analyst remains bullish on Amazon, despite the fact it reported a huge earnings miss in January.

Mark Mahaney of RBC Capital Markets told CNBC's "Squawk Alley" on Friday that the online retailer is at the top of his list.

"We think fundamental trends are very much intact. [Amazon] had a Q4 excess demand cost issue that we think they can solve," he said.

Shares of Amazon have fallen more than 12 percent since its earnings report, which Mahaney sees as an incredible buying opportunity.

Mahaney remains optimistic on tech stocks, even though the S&P information technology sector has fallen more than 5 percent year to date, according to FactSet. He said that it's not unheard of to see sharp moves in either direction in these names from time to time. What Mahaney finds more interesting is what the tech stocks can tell investors about global economic conditions.

"If you look at the leading Internet companies, they have very material exposure to Europe, much less so in Asia and de minimis in China. That's why the last 18 months, you've had what was essentially a major tax on this business," he said.

"It was a drag on growth rates. It was a drag on cross-border trade companies. If those currencies start to stabilize — the euro has, the pound hasn't — you'll see demand pretty quickly snap back ... what was a headwind last year can become a tail wind this year," Mahaney said.