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Amazon stock heading to $400: Analyst

Amazon now a $400 stock: Pro

Despite its seemingly lofty valuation, stock remains cheap when compared to other retailers, Stifel Nicolaus analyst Jordan Rohan said Friday.

The Seattle-based company traded at a 1.4 multiple to its expected gross annual sales, which was below where most retailers trade. "You have plenty out there, broadly, that trade at two or three times sales," Rohan said on CNBC.

Amazon's share price hit an all-time high Friday, a day after reporting that revenue had jumped 24 percent in its third-quarter earnings report.

(Read more: It's tough to trade Amazon stock: Colin Gillis)

On CNBC's "Halftime Report," Rohan, who had a "buy" rating and a $400 price target on the stock, said that Amazon's future was key.