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Amazon Is the Best FANG Stock to Own for the Rest of the Year--Analyst

With a record Prime Day in the books, Amazon (AMZN) is "the best set-up" among the FANG stocks and other big-name Internet companies for the second half of the year, Cowen analyst John Blackledge suggested in a Friday report. Facebook (FB) has strong prospects based on its growth in users and advertisers, the analyst wrote, while Netflix (NFLX) can also expect a solid quarter, but Alphabet's (GOOGL) regulatory woes overseas may taint strong results.

Even after gaining more than 33% this year, Amazon is Blackledge's top pick for 2017.

"At the center of our bullish thesis is our belief that [Amazon] will continue to gain share in large, historically 'non-core' retail markets," Blackledge wrote, citing food and beverages, consumer packaged goods and apparel. Keep in mind that Amazon's food and consumables businesses does not yet reflect the recent $13.7 billion purchase of Whole Foods market Inc. (WFM) .

When Amazon reports on July 27, the analyst expects sales to grow 24% to $37.7 billion.

Amazon has not disclosed the take from...