Amazon best stock of the Nasdaq’s ‘4 horsemen’: Analysts

4 horsemen of the Nasdaq: MSFT, AMZN, AAPL & GOOG

The Nasdaq's climb back to record territory has been powered, in part, by the so-called "four horsemen" of the index: Amazon, Google, Microsoft and Apple.

Of those tech leaders, one name stood out for two analysts on Friday: Amazon.

"This is stock that had been left for dead for a while, with disappointing results and losses. But what we saw for the last two quarters is not only the ability to deliver profits but to do so fabulously," James Cakmak, equity analyst at Monness, Crespi, Hardt & Co., said in an interview with "Power Lunch."

He said he upgraded the stock right before the quarter in anticipation of Amazon's unveiling of the sales figures for its Web services sector. He has a "buy" rating on the stock and a $450 price target.

"This is the first time we felt that we had a catalytic event by peeling the onion back and seeing what their Amazon web services was doing," Cakmak said.

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In its earnings release after the bell Thursday, the ecommerce giant called the Web services sector a $5 billion business. Amazon also beat revenue expectations and its quarterly loss was in line with Street estimates. The stock rallied after hours Thursday and was trading higher Friday.

Amazon is also the top pick of Jason Helfstein, managing director of Internet equity research for Oppenheimer. He has an "outperform" rating on the stock, with a $415 price target.

"If you dug into the web services business even a year ago, you could tell by talking to competitors that Amazon was a real player," he told "Power Lunch."

Amazon is up about 43 percent year to date. Cakmak said "you can make a very solid argument there that it deserves a premium multiple" because of the combination of the company's core business and its web services business.

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As for the other three horsemen, their stock performances vary. Apple is up over 17 percent, while Google is up 8 percent and Microsoft is up over 3 percent.

Oppenheimer has "outperform" ratings on Apple and Microsoft, with a $155 price target and $50 price target respectively. It has a "perform" rating on Google and a $550 price target.

Monness, Crespi, Hardt & Co. has a "buy" rating on Apple, with a $145 price target, and a "neutral" rating on Google. The firm does not cover Microsoft.

—CNBC's Jackie O'Sullivan and Karma Allen contributed to this report

Disclosures: Oppenheimer owns shares of AMZN, GOOGL, Helfstein does not. Cakmak and his firm do not own AMZN, GOOGL.