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."
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.
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.
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.