Despite Amazon's (AMZN 2.08%) stock being down more than 40% off its all-time high, it may be a good opportunity to buy. Fool.com contributors Matt Frankel and John Bromels discuss how well the e-commerce giant is performing in this clip from "The Rank" on Motley Fool Live, recorded on July 13.

Find out why Amazon is one of the 10 best stocks to buy now

Our award-winning analyst team has spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed their ten top stock picks for investors to buy right now. Amazon is on the list -- but there are nine others you may be overlooking.

Click here to get access to the full list!

 

*Stock Advisor returns as of June 2, 2022

 

Matt Frankel: We both had a consensus No. 1. It was pretty clear that we both agreed that Amazon is the best value right now I guess to put new money into. I'm shocked that Amazon is the No. 4 company by market cap on the S&P right now. There's a solid argument to be made it should be No. 1. It's down 42% from the highs. That's the second largest decline on this list, next to Tesla (TSLA -0.08%), which was 43%. They have their dominant e-commerce business, but e-commerce itself is still growing fast. E-commerce is less than 15% of total retail. Not a day goes by where at least two Amazon packages don't show up on my porch.

John Bromels: Oh my gosh, Prime Day. I don't know whether I just happened to have found a bunch of stuff that I needed on Prime Day or if I saw it on Prime Day and that made me think that I needed it. But like this week, I may not be able to get out my door because of all the Amazon packages that are about to be dropped on my doorstep.

Frankel: That's not to mention Amazon Web Services, which is the dominant cloud player. They have a lead over even Microsoft's (MSFT 1.45%) cloud platform.

Bromels: Yes.

Frankel: That's a growing market. I've mentioned a $1.3 trillion market by 2030 if they could just maintain their market share.

Bromels: AWS is huge.

Frankel: More profitable than the e-commerce side.

Bromels: Yes, it is the go-to and I've been digging into a lot of the cloud services stuff. I was talking about Microsoft Office being second best. I mean, everyone agrees AWS is the undisputed, the best in the business, best-in-class for cloud services, and that is a good place to be.

Frankel: It's amazing how quietly they built that side of the business. [laughs] That's what always shocks me. If you follow the tech sector, you've known about AWS forever. If you're just a casual investor, you know Amazon for e-commerce. But that's not the dominant part of its business anymore. I wouldn't even go that far.

Bromels: Definitely. With the company, more than 40% right now off of its all-time high, and its revenue is the highest of this bunch. I mean four hundred seventy-some billion in trailing 12-month revenue. That absolutely destroys the others. Those were the big factors for me. Also, Amazon again, using all of this cash to make other bets. I mean, really investing...

Frankel: Healthcare

Bromels: ...in the smart home ecosystem, really investing in health. Yeah, all of these things.

Frankel: I saw Amazon is testing cancer vaccines, I read in the news the other day.

Bromels: I did not hear about that.

Frankel: In a partnership.

Bromels: Now I'm going to look it up.

Frankel: I need to make sure I didn't misquote that, but I'm 99% sure I read that. It's just a really impressive business. If I were to name one stock on this list that has the capability of being a multibagger in the next decade, it would probably be Amazon and that's why it got my No. 1 ranking.