If you believe in Amazon, its stock is now a bargain after falling 34% this year

Amazon.com’s stock had declined by a third this year. The company has been an incredible performer for decades and the shares have tumbled before, only to recover and press higher. They now appear to be bargain-priced for long-term investors who believe the company will continue to innovate and grow at a solid pace.

And a comparison to price ratios for Microsoft Corp. MSFT underlines just how cheap Amazon’s stock has become.

Cheap to sales — and cash flow

Amazon.com…

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