Quick Overview
- Wolfe Research identifies Meta, Uber, DoorDash, and Shopify as premier large-cap internet investments
- Internet mega-cap companies currently trade significantly beneath their three-year median valuation levels
- TD Cowen maintains Buy rating on Meta with $820 target, highlighting AI-powered advertising expansion
- Uber introduces autonomous robotaxi service in Dubai and announces Blacklane acquisition deal
- DoorDash faces reduced analyst price targets following fuel subsidy initiative, though Buy recommendations persist
Wolfe Research has designated Meta, Uber, DoorDash, and Shopify as premier large-cap internet equity opportunities. According to the investment firm, present market valuations present compelling entry points following widespread sector declines.
Internet mega-cap equities currently trade approximately three turns beneath their three-year historical median valuations. Large-cap counterparts similarly sit considerably under their established historical benchmarks.
Despite this valuation compression, Wolfe Research emphasizes that underlying business fundamentals remain robust. The firm’s strategy centers on identifying companies positioned for positive earnings estimate revisions, profit margin enhancement, and durability against macroeconomic headwinds.
Meta Platforms
Wolfe Research assigns Meta an Outperform rating alongside an $800 price objective. The stock has lagged the S&P 500 index by twelve percentage points following its January quarterly results announcement.
The investment firm anticipates first-quarter revenue performance will surpass analyst projections by a low-single-digit percentage. Looking toward the second quarter, Wolfe forecasts management will provide revenue guidance of $61 billion, exceeding the $60 billion Street estimate.
Artificial intelligence enhancements delivered through platforms including Lattice, GEM, and Andromeda are projected to fuel this expansion. The introduction of the Muse Spark large language model represents a significant growth driver.
TD Cowen likewise maintains a Buy recommendation with an $820 price objective. The firm’s first-quarter revenue and operating income projections stand 1% and 6% above consensus expectations, respectively.
Meta’s revenue climbed 22% year-over-year to reach $201 billion, accompanied by an 82% gross profit margin. The company’s earnings release is slated for April 29.
Regarding regulatory developments, the European Commission intends to mandate Meta reverse its policy that limits competing AI chatbots on WhatsApp.
Uber Technologies
Wolfe Research assigns Uber an Outperform rating with a $90 price objective. Shares have trailed the S&P 500 by two percentage points since the February earnings disclosure.
First-quarter bookings are projected to exceed estimates by a low-single-digit margin. Second-quarter guidance is anticipated to meet or surpass consensus forecasts.
Uber recently finalized an agreement to purchase Blacklane, a premium chauffeur service provider operating globally. The company is additionally evaluating a potential controlling investment in Kakao Mobility.
Through its mobile application, Uber has initiated completely autonomous robotaxi services in Dubai. Market analysts also identify more aggressive share repurchase programs as a possible catalyst during the latter portion of 2026.
DoorDash
Wolfe Research assigns DoorDash an Outperform rating with a $195 price target. The stock has underperformed the S&P 500 index by twelve percentage points since February.
The firm projects first-quarter gross order value and EBITDA will surpass current estimates. Proprietary consumer survey information indicates DoorDash is capturing additional market share within the grocery delivery segment.
Multiple analysts, including the team at BTIG, have reduced price objectives citing expenses associated with a newly implemented driver fuel subsidy program. Nevertheless, all have preserved Buy or Outperform recommendations.
Shopify
Wolfe Research previously downgraded Shopify when shares traded near $165. The firm now considers the current $112 price level an attractive valuation.
First-quarter gross merchandise volume, revenue, and operating income are all projected to exceed Street consensus estimates. Recent product launches including Shop Campaigns, Audience, and Sidekick, combined with an expanding Google partnership, represent critical growth catalysts.
Wells Fargo and Deutsche Bank have adjusted price targets downward while maintaining constructive ratings. Piper Sandler has reaffirmed an Overweight rating, emphasizing a robust revenue growth trajectory.
