Wolfe Research Highlights Meta (META), Uber (UBER), DoorDash (DASH), and Shopify (SHOP) as Prime Internet Stock Opportunities

Key Highlights

• Wolfe Research identifies Meta, Uber, DoorDash, and Shopify as premier large-cap internet investment opportunities
• Internet mega-cap equities currently trade significantly beneath their three-year median valuation levels
• TD Cowen maintains Buy recommendation on Meta with $820 target, highlighting AI-powered advertising expansion
• Uber initiated autonomous robotaxi services in Dubai and announced Blacklane acquisition plans
• DoorDash faces revised price targets following driver fuel subsidy introduction, though Buy ratings persist

Wolfe Research has spotlighted Meta, Uber, DoorDash, and Shopify as premier large-cap internet investment selections. According to the firm, compelling valuations have emerged following a widespread sector correction.

Internet mega-cap companies currently trade approximately three turns beneath their three-year historical median valuations. Large-cap counterparts similarly demonstrate significant discounts relative to historical benchmarks.

Despite this valuation compression, Wolfe Research emphasizes that underlying business fundamentals continue to show strength. The firm’s strategy centers on identifying companies positioned for positive earnings revisions, margin enhancement, and durability against macroeconomic headwinds.

Meta Platforms

Wolfe Research maintains an Outperform rating on Meta with an $800 price objective. The stock has lagged the S&P 500 by 12 percentage points following its January quarterly results.

Meta Platforms, Inc., META

The research firm anticipates first-quarter revenue will surpass analyst projections by a low-single-digit percentage. Looking ahead to Q2, Wolfe projects management will provide revenue guidance of $61 billion, exceeding the Street’s $60 billion estimate.

Artificial intelligence enhancements through platforms including Lattice, GEM, and Andromeda are anticipated to fuel this expansion. The rollout of the Muse Spark large language model represents a significant growth catalyst.

TD Cowen similarly maintains a Buy stance with an $820 target price. The firm’s first-quarter projections for revenue and operating income stand 1% and 6% above consensus figures, respectively.

Meta’s revenue increased 22% year-over-year to $201 billion, accompanied by an 82% gross profit margin. The company is slated to report earnings on April 29.

Regarding regulatory developments, the European Commission is preparing to mandate that Meta reverse its policy limiting competing AI chatbots on WhatsApp.

Uber Technologies

Wolfe Research assigns Uber an Outperform rating with a $90 price target. The stock has trailed the S&P 500 by two percentage points since reporting February earnings.

First-quarter bookings are projected to exceed estimates by a low-single-digit margin. Second-quarter guidance is anticipated to align with or surpass consensus expectations.

Uber recently announced plans to acquire Blacklane, a premium global chauffeur service. Additionally, the company is evaluating a potential controlling interest in Kakao Mobility.

The ride-hailing leader has introduced fully autonomous robotaxi services in Dubai, accessible through its application. Analysts also identify more substantial share repurchase programs as a potential value driver 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 projects first-quarter gross order value and EBITDA will exceed analyst estimates. Proprietary survey research indicates DoorDash is capturing additional market share within grocery delivery services.

Multiple analysts, including the team at BTIG, have adjusted price targets downward due to expenses associated with a recently implemented driver fuel subsidy initiative. However, all firms 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 entry point.

First-quarter metrics including gross merchandise volume, revenue, and operating income are all projected to surpass Street expectations. Newly launched products such as Shop Campaigns, Audience, and Sidekick, combined with an expanding Google partnership, are identified as primary growth engines.

Wells Fargo and Deutsche Bank have reduced their price targets while maintaining constructive ratings. Piper Sandler reaffirmed an Overweight rating, emphasizing a robust revenue growth trajectory.

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