Amazon.com, Inc. (NASDAQ:AMZN) has been generating a lot of news in the last couple of days and looks it is going to generate a lot more in the coming few days. The company launched its prime music streaming with over 1 million songs today. Investors Brian Kelly and Dan Nathan were debating on the prospects of Amazon.com, Inc. (NASDAQ:AMZN)’s stock on CNBC Fast Money yesterday.
While Kelly was bullish about the stock, Nathan took the bearish side. Kelly considers that Amazon.com, Inc. (NASDAQ:AMZN)’s biggest issue is that their media growth is slowing down and hence getting less popular. However, the company has a lot of opportunity to generate a lot of news flow as it doesn’t have earnings until mid-July. He also mentioned about Prime being released today and he felt that the streaming music service would compete directly with Pandora, an internet radio service of Pandora Media Inc (NYSE:P).
Kelly also mentioned about the companies Amazon.com, Inc. (NASDAQ:AMZN) is planning to buy (They already bought Comixology earlier this year). Here is his price target for the company:
“I know the stock has moved up, lets call it 15, 16, 20% over the last couple. I still think there is room to move, at least up to $360 -$380”
While Kelly was all bullish about the stock, Nathan started with a little bit of praise for the company and said that though it’s a great company, it doesn’t represent a great stock. He also said that Amazon.com, Inc. (NASDAQ:AMZN) would lose money selling cell phones to people and all that will be at the expense of shareholders money.
Nathan also feels that this is not a good time to buy Amazon.com, Inc. (NASDAQ:AMZN)’s stock as the $340 mark is already very high and it’s not expected to go up.