Back in October, Amazon got crushed, hitting its 52-week low after a disappointing earnings report. Adami thinks the best way to play the stock is to buy it now and then to find another chance to buy the stock on the dip. "Look for a subsequent pullback back down to $280, I think you'll be able to round turn this thing," explained Adami.
And he isn't alone. BGC Financial's Colin Gillis upgraded Amazon on Wednesday, saying to buy the stock before the earnings report despite its rocky track record. "You look at the last four quarters when this company has printed results, it has traded down on earnings at least 8 percent," Gillis said. "To be able to call where the bottom is in the investment cycle is very difficult, because Amazon continues to invest and find new ways to spend money, but we are planning for profitability in the December quarter."
Both Gillis and Adami think the stock will hit $340 in the next year or so. Currently, shares are down more than 20 percent over the past year.
Guy Adami has no position in Amazon.