Amazon is likely to escape the increased scrutiny from federal regulators that the other big technology companies are currently facing, according to Stifel. "We continue to believe Amazon should be (and mostly will be) left alone by regulators," Stifel's Scott Devitt said in a note to clients Friday. "The companies that have breached trust with society like Facebook have bigger problems in this regulatory fight." Technology stocks have been punished since recent noise from politicians and the public about whether big technology companies should be broken up. Facebook and Alphabet are both down since the begging of June when headlines hit about the companies being watched by the government. Last week, r eports surfaced that the U.S. department of justice is planning an antitrust investigation into Alphabet 's Google. Reuters reported the DOJ is considering a probe in Apple , while Facebook is being investigated by the Federal trade commission. "There has been much attention recently on big tech and regulation," said Devitt, "and it is important to note two innovations that have enhanced the lives of consumers and 3P merchants alike – Prime and Fulfillment by Amazon (FBA)." Devitt believes Google's parent company Alphabet is more like Amazon "as a company and innovator;" However, it relies heavily on advertising for a significant amount of its revenue which makes it more exposed. Although, not as much as Facebook, he added. Stifel has a buy rating on the stock and a target price of $2,300. Devitt said he considers Amazon to be a leader in eCommerce and cloud services, two markets he says are "rapidly growing." Shares of Amazon are up more than 5% over the last 12 months and up more than 18% so far this year. —with reporting from CNBC's Michael Bloom
Amazon's head of worldwide consumer Jeff Wilke unveiled its latest delivery drone at the re:MARS conference in Las Vegas on June 5, 2019.