The Financial Post reports in its Thursday edition that Amazon shares are starting to look like a bargain, a word that has rarely been used to describe the stock. A Bloomberg dispatch to the Post says that a recent drop in the company's share price, coupled with expectations for durable long-term earnings growth, have brought its valuation to levels rarely seen since the company went public in 1997. This could limit additional downside in the event of further weakness in the broader market. "You'd be hard pressed to look at Amazon's multiple here and not see it as appealing relative to both tech and retail, and given its multiple secular tailwinds, this looks like an incredible opportunity," said Clayton Allison, portfolio manager at Prime Capital Financial. While tech valuations have fallen broadly in the recent market sell-off, the ratio of Amazon's price to its earnings stands out relative to its history. The stock is trading at about 27 times its estimated future earnings, which is roughly half the 10-year average, and below that of major retail rivals that used to have lower multiples such as Walmart and Costco. It also trades at a discount to Apple, which was several times cheaper than Amazon just a few years ago.