While a large part of the drop was due to the broader market sell-off, investors were also spooked by Amazon's disappointing quarterly results that showed slowing revenue growth across the board.
Still, Wall Street analysts remain as optimistic as ever and are predicting a bounce back in 2019. According to FactSet, 41 of the 42 analysts with ratings on the stock recommend buying it, with KeyBanc's Edward Yruma as the only analyst with a "hold" rating. There weren't any downgrades in the fourth quarter.
"I'm very bullish on Amazon right now," Loop Capital's Anthony Chukumba, who has a "buy" rating and $2,200 price target, told CNBC. "I feel very strong about its fundamentals."
Amazon's market capitalization briefly topped $1 trillion in September, but is now worth roughly $733 billion, trading at around $1,575.39 per share at Friday's close.
Chukumba said investor concerns of a slowdown are overblown, because the company has been more focused at growing its profitability than revenue in recent years. Almost all of Amazon's high-growth businesses, such as cloud and advertising, have bigger profit margins than its traditional retail segment, although their revenue size is much smaller.