Though many stocks have had a strong run in 2023, a large cohort remains significantly down from its all-time high. While some stocks will likely never regain their highs due to their business being overhyped in 2021, some trade at bargain levels.

Amazon (NASDAQ: AMZN) is at that point and currently sits about 45% off its all-time high, last reached in late 2022. This valuation doesn't reflect the company Amazon is becoming, and I think investors would be wise to pile into the stock.

Everyone knows Amazon's e-commerce store. It has become a staple for consumers purchasing goods online, but it's not the giant it used to be. In fact, online store sales fell by 2% in the fourth quarter. Amazon also tried to get into physical stores, but that effort seems to be backfiring, with only a 6% growth rate in Q4. These two segments made $69.5 billion for Amazon in Q4 -- 47% of Amazon's revenue.

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Source Fool.com