Contents
Quick Overview
- Investment firm Wolfe Research identifies Meta, Uber, DoorDash, and Shopify as leading large-cap internet opportunities
- Internet mega-cap stocks currently valued significantly below their historical three-year median levels
- TD Cowen maintains Buy recommendation on Meta with $820 target, highlighting AI-powered advertising expansion
- Uber debuts autonomous robotaxi services in Dubai and announces acquisition plans for Blacklane
- DoorDash faces reduced price targets following new driver fuel program announcement, though Buy recommendations remain intact
Wolfe Research has identified Meta, Uber, DoorDash, and Shopify as premier large-cap internet investment opportunities. The investment firm highlights compelling valuations following a significant sector-wide correction.
Mega-cap internet companies are currently valued approximately three turns beneath their three-year historical median multiples. Large-cap names similarly trade substantially below their traditional valuation benchmarks.
Despite the valuation compression, Wolfe Research emphasizes that underlying business fundamentals remain robust. The firm’s strategy centers on identifying companies positioned for positive earnings revisions, margin improvement, and resilience against macroeconomic headwinds.
Meta Platforms
Wolfe Research assigns an Outperform rating to Meta with an $800 price objective. The stock has lagged the S&P 500 by 12 percentage points following its January quarterly results.
The investment firm anticipates first-quarter revenue will exceed analyst projections by a low-single-digit percentage. For the subsequent quarter, Wolfe forecasts management will guide toward $61 billion in revenue, surpassing the Street’s $60 billion consensus estimate.
Artificial intelligence enhancements 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 catalyst.
TD Cowen maintains its Buy recommendation with an $820 price objective. The firm’s first-quarter projections for revenue and operating income stand 1% and 6% above consensus estimates, respectively.
Meta’s revenue expanded 22% year-over-year to $201 billion, accompanied by an 82% gross profit margin. The company will report earnings on April 29.
From a regulatory perspective, the European Commission intends to compel Meta to modify a policy that limits competing AI chatbots on WhatsApp.
Uber Technologies
Wolfe Research assigns Uber an Outperform rating with a $90 price objective. The stock has trailed the S&P 500 by two percentage points since releasing February earnings.
First-quarter bookings are projected to surpass estimates by a low-single-digit margin. Second-quarter guidance is anticipated to align with or exceed consensus expectations.
Uber recently announced an agreement to purchase Blacklane, a premium chauffeur service provider globally. The company is additionally evaluating a potential controlling investment in Kakao Mobility.
Uber introduced completely autonomous robotaxi services in Dubai accessible through its platform. Analysts identify more aggressive share repurchase programs as a potential tailwind in the latter half of 2026.
DoorDash
Wolfe Research rates DoorDash Outperform with a $195 price objective. Shares have underperformed the S&P 500 by 12 percentage points since February.
The firm anticipates first-quarter gross order value and EBITDA will exceed consensus projections. Proprietary survey research indicates DoorDash is capturing increased market share within grocery delivery.
Multiple analysts, including BTIG, have reduced price targets reflecting expenses associated with a newly introduced driver fuel subsidy initiative. However, 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 as an attractive entry point.
First-quarter metrics including gross merchandise volume, revenue, and operating income are all projected to surpass Street consensus. New product offerings such as Shop Campaigns, Audience, and Sidekick, combined with an expanding Google partnership, are identified as primary growth drivers.
Wells Fargo and Deutsche Bank have adjusted price targets downward while maintaining constructive ratings. Piper Sandler reaffirmed an Overweight rating, emphasizing a favorable revenue growth trajectory.
