The last time Amazon's stock (AMZN) looked this cheap on a price-to-earnings multiple basis, CEO Andy Jassy was still a relative newcomer to the seat. 

Shares of the e-commerce and cloud computing giant are trading on a forward price-to-earnings (P/E) multiple of 30 times, their lowest P/E in three years, according to data from FinChat. While that's cheap for Amazon, it's not the cheapest on a relative basis to other "Magnificent Seven" stalwarts. 

That distinguished honor goes to fellow cloud competitor Microsoft (MSFT), whose stock trades on a forward price-to-earnings multiple of 18.9 times. 

Lower valuations for these top tech names come amid a broader rout in markets as traders digest the potential for a recession under tariff-wielding president Trump. 

Listen: Why Rubbermaid's CEO is worried about tariffs

The Dow Jones Industrial Average (^DJI) slumped 890 points, or about 2.1% on Monday. The S&P 500 (^GSPC) fell by 2.7%, while the tech-heavy Nasdaq Composite (^IXIC) shed 4%.

All three major indexes are off by more than 5% in the past month, with the Nasdaq Composite leading the way with an 11% plunge. Amazon shares have tanked 16.5% in the last month.

"After a historical bull market led by the AI Revolution over the past two years we are now seeing major investor worries as the Trump tariff news, perceived recession fears, and tech growth concerns have sent tech investors for the exits and heading for the hills," Wedbush tech analyst Dan Ives said.

Not helping sentiment on Amazon (and to a lesser extent, Microsoft) is a mixed fourth quarter that stoked concerns about near-term demand for Amazon Web Services (AWS).

AWS sales cooled a touch to a 19% year-over-year growth rate. This result was consistent with cloud growth slowdowns at Microsoft and the like.

Amazon guided to first quarter revenue of between $151 billion and $155 billion. Analysts were anticipating $158 billion; the miss was partially due to a $2.1 billion expected hit from currency fluctuations.

"Our discussions w/investors suggest the quarter & outlook were not thesis-changing for the well-owned name, but there are incremental concerns around the trajectory of AWS growth, & to a lesser degree the macro impact on Stores," JPMorgan analyst Doug Anmuth wrote in a client note.

It remains to be seen if investors view Amazon's stock as cheap enough at current valuation levels given economic growth fears. But it's worth nothing the Street hasn't lost confidence in Amazon, at least not yet. 

Read more: Why Tesla is still a sell

Yahoo Finance data shows that 95% of sell-side analysts continue to rate Amazon's stock a Strong Buy or Buy. The average price target is $264.71, well above the current trading price of $195.69. Earnings per share estimates for 2025 and 2026 have stayed fairly consistent since Amazon reported its latest results in early February.

Added Ives, "Despite much criticism, that is how we have always called our tech winners and many times over the years with Tesla, Apple, Google, Nvidia, Amazon, Palantir among others our backs were against the wall and the times appeared dark at that moment ... but yet those were the golden opportunities and that is our view today."

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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