Evercore ISI’s Mark Mahaney picks Amazon as a top Magnificent 7 buy, calling out the group’s recent underperformance

Amazon shares drew fresh attention from Wall Street analyst Mark Mahaney, head of internet research at Evercore ISI, who named the company as one of the “best” Magnificent 7 stock buys in a CNBC segment aired June 18, 2026.

Mahaney’s comments were framed as a contrarian message for investors who have watched the Magnificent 7 collectively lag the broader market, a theme the CNBC discussion highlighted. Rather than focusing on whether the mega-cap group has been keeping pace, he emphasized selective stock picking, with Meta and Amazon among the names he singled out as particularly attractive.

The segment, reported by Yahoo Finance via 247 Wall St., described Mahaney’s view as a direct response to how some investors have approached the group. The report said he was addressing the disappointment that can come from buying leaders that subsequently underperform, and it positioned his picks as an alternative way to think about risk and opportunity inside the megacap tech complex.

Amazon’s presence on Mahaney’s list matters because the Magnificent 7 label often pushes investors toward a basket mentality, where the same broad forces are assumed to apply across companies. Mahaney’s selection suggests he sees differences in fundamentals or business drivers that are not fully captured by recent relative performance.

While the reported segment material does not lay out detailed valuation metrics, it does situate Amazon within a wider narrative about how the mega-cap tech complex is being traded. That is, investors may be reacting to a shared set of macro and rates-related dynamics, while analysts like Mahaney are looking for dispersion, where a subset of companies could be mispriced relative to their fundamentals.

Amazon’s long-term appeal in equity portfolios typically hinges on two internal engines. One is its scale retail and marketplace ecosystem, which can support ongoing demand for goods and services. The other is Amazon Web Services, the company’s cloud computing business, which competes in enterprise IT spending. Mahaney’s selection implies he believes one or both of these engines could remain resilient even if headline sentiment on megacap tech has cooled.

What remains unclear from the published summary is the specific reasoning the analyst used to justify “best buy” status for Amazon. The report characterizes his message and naming of stocks, but it does not provide the detailed catalysts, targets, or near-term assumptions that would allow outsiders to evaluate whether the view is based on earnings durability, margin outlook, product momentum, or valuation.

For investors, the next question will be whether Evercore ISI expands on the idea with a written note or further on-air follow-ups that include measurable drivers. Watch for any indication of what would change the stance, such as updates tied to AWS demand trends, retail and advertising profitability, or broader cloud and ad market conditions that could influence Amazon’s ability to close any performance gap with the market.