Buy Amazon.com (NASDAQ:AMZN) on Valuation, Long-Term Growth Says Goldman (NYSE:GS)

Amazon.com (NASDAQ:AMZN) disappointed in their recent earnings report, but Goldman Sachs (NYSE:GS) sees that as a temporary blip, and recommends acquiring shares of Amazon on long-term growth prospects and valuation.

The quarter really wasn't that bad for Amazon, as they generated revenue of $12.9 billion, missing consensus by $12.98 billion. Earnings exceeded expectations, coming in at $0.91 a share, up from analysts' estimates of $0.88.

Snow storms in Europe were identified by Goldman as the probable cause to missed revenue in the quarter.

In response, Goldman cut their EPS estimates for full year 2011 to $4.18, and for full year 2012 to $5.95. They introduced an EPS of $8.43 for 2013.

With a valuation at 28x 2012 EPS, along with a projected growth rate of 30 percent, Goldman believes Amazon.com is at a good entry point.

Amazon.com was trading at $168.18, down $16.27, or 8.82 percent, as of 12:35 PM EST.