Three dot-com stocks have plenty of upside ahead, Ken Allen of T. Rowe Price said Thursday.
Atop his list is Amazon.com, whose stock sank last week after a worse-than-expected loss in its most recent quarter.
"I think investors are pretty frustrated after the most recent quarter's results," Allen said on CNBC's "Halftime Report," "But I think taking a step back from one quarter here or there, the big picture here is that we're still extraordinarily early in the move from offline to online e-commerce and the move from on-premises to cloud computing."
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Allen, who oversees $3.6 billion in assets as lead portfolio manager of the firm's Science & Technology Fund, said Amazon's leadership position would lead to "dramatically higher margins."
He also cited the company's "overwhelming" scale in e-commerce and its cloud-computing potential.
"I think that the market has really forgotten about Amazon Web Services," he said.
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Allen also said LinkedIn, with 330 million users, is a more business-focused company.
"That's a massive global customer base," he added. "I think they're a lot more able to create business value."
Allen also said he liked Chinese e-commerce site VIPshop.
He said company has a "focus and expertise" in the apparel space that competitor Alibaba would be hard pressed to beat.
"I think that VIPshop has a really strong niche," he said.
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VIPshop Holdings stock has run up 3,900 percent since its March 2012 initial public offering.
Allen said the shares remained "very promising."
"Actually if you look across the entire large-cap tech universe, it's the fastest growing company in all of e-commerce, and I think in all of technology itself," he said.
Disclosure: The T. Rowe Price Science & Technology Fund holds positions in LNKD, AMZN, VIPS.