Amazon to hit $1,000 a share in 2017, pro predicts

Amazon.com is the best long-term story in the market right now, investment pro Robert Luna said Friday. He's even predicting the e-commerce giant will hit $1,000 a share by the end of 2017.

"This is a company that is basically dominating its marketplace. It's laying competitors to waste," the CEO and chief investment officer of SureVest Wealth Management said in an interview with CNBC's "Closing Bell."

"This is a company as a long term investor I believe that everybody has to own right now."

Luna thinks the stock, which closed up 2.25 percent at $673.95 Friday, could hit $800 a share by the end of the year.

Jeff Bezos, chief executive officer of Amazon.com Inc.
Mike Kane | Bloomberg | Getty Images
Jeff Bezos, chief executive officer of Amazon.com Inc.

His comments come on the heels of a bold call this week by venture capitalist Chamath Palihapitiya at the Sohn Investment Conference in New York.

The founder and CEO of Social Capital said he thinks Amazon will be worth $3 trillion in 10 years.

"We believe there is a multitrillion-dollar opportunity hiding in plain sight," Palihapitiya said. "That company is Amazon."

"This is a story that is just beginning," the venture capitalist said, predicting Amazon's retail business alone will be worth $1 trillion in the next decade.

Also this week, Amazon CEO Jeff Bezos sold more than 1 million shares of the company's stock, worth $671 million. The timing of the sale was reportedly pre-determined. Amazon declined to comment.

Luna said he doesn't read anything negative from Bezos' move.

However, Jack Mohr, research director at TheStreet.com, thinks Amazon is overvalued.

"You are going to reach a point where the … costs are going to pick up with the revenue. And I really think that people are, first of all, overstating their cloud ability," he said, noting that companies like Apple and Spotify have gone off the Amazon platform.

Mohr also said retail is not a great investment.

—CNBC's Tae Kim and Laura Petti contributed to this report.

Disclosures: Luna and his clients own Amazon. Mohr does not own Amazon. Palihapitiya does not personally own shares of Amazon, but he is invested in the company through public investment at Social Capital.