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Pro: Get Long Amazon Ahead of Holidays

Despite its lofty valuations, Gene Munster of Piper Jaffray thinks it's time to get long Amazon ahead of the holidays.

Munster expects 2 percent upside when the Internet retailer reports earnings after Tuesday's closing bell. He expects $9.6 billion in revenue while Wall Street expects $9.4 billion.

"What's really important tonight is not about the June quarter," Munster said. "It's what's coming in September, the tablet and also India likely to come online and the holiday quarter, you gotta be long."

Despite the fact the stock is up 100 percent in the past year, Munster still think you can put fresh money to work here. Munster raised his price target on AMZN to $255.

Munster is a managing director and senior research analyst at Piper Jaffray.

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Trader disclosure: On July 26th 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell owns (AAPL); Karabell owns (GOOG); Karabell owns (GS); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (AEM) call spreads; Jon Najarian owns (APKT) call spreads; Jon Najarian owns (CMI) call spreads; Jon Najarian owns (DANG) call spreads; Jon Najarian owns (SVU) call spreads; Jon Najarian is short (NFLX) call and put spreads; Terranova owns (VRTS); Terranova owns (IBM); Terranova owns (FCX) ; Terranova owns (CVI); Terranova owns (XOM); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (GS); Terranova owns (DAR); Terranova owns (CAT); Terranova owns (AAPL); Terranova owns (F)

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