Amazon allure grows with shares now cheaper than Apple and Walmart

Amazon.com Inc. shares are starting to look like a bargain, a word that has rarely been used to describe the stock.

The 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...