Shares of Amazon.com have fallen sharply in 2016, but investors should still buy the stock, RBC Capital Markets' Mark Mahaney said Tuesday.
"They had an issue with expenses in the fourth quarter; we thought it was an excess demand problem. We thought too many people wanted to use Amazon's delivery network. That's a good problem to have, because they will figure that out," the firm's lead tech analyst told CNBC's "Squawk Box."
The e-commerce giant's stock has fallen over 15 percent this year, despite an 18 percent bounce from its February lows.
Amazon shares in last 6 monthsSource: FactSet