Shares of Amazon have dropped about 5 percent since Donald Trump was elected president of the United States, however John Blackledge, an Amazon analyst for Cowen and Company, believes there is nothing to worry about.
When asked if Amazon will be able to continue the way it's doing business when Trump becomes president, Blackledge told CNBC's "Power Lunch" on Thursday, "I don't see any disruption in their business. They are crushing it on the e-commerce side both domestically and internationally. The growth in the Prime customers has been great, the growth in their units and their e-commerce business have accelerated at scale over the past year."
Earlier this year, Trump accused Amazon for not paying its fair share of taxes due to Jeff Bezos' ownership of the The Washington Post.
However, Bezos sent out a congratulatory tweet to Trump on Thursday saying how how he'll give the president-elect his "most open mind" and wishing him "great success" for the future.
Blackledge acknowledged the recent plunge in Amazon's stock, however he believes that Amazon will continue at the same growth, even with America potentially transitioning to a protectionist country with higher tariffs under Trump.
"The fundamentals of [Amazon] are very strong," Blackledge said. "We look at this as a buying opportunity. I mean right now, the stock's trading at 15 times next year's EBITDA. This is for a company that's seeing accelerated e-commerce growth doing a billion dollars in revenue at massive scale, with huge consumer demands as we head into the holidays and the next year or so. We remain super bullish on Amazon and think this is just a blip in the road."
And if the congratulatory tweet doesn't solve tensions with Trump, Blackledge suggested that maybe Bezos should gift him their voice-control speaker, the Echo, for the White House.
"We think there's about 11 million Echo devices in the U.S. sold and a ton more sold this holiday season," Blackledge said. "So I'm sure maybe they could outfit the White House with one."