Wolfe Research Picks Meta (META), Uber (UBER), DoorDash (DASH), and Shopify (SHOP) as Leading Internet Investments

Key Highlights

Table of Contents

Four major internet companies selected as premier large-cap investments by Wolfe Research
Current valuations for mega-cap tech stocks sit three points beneath their three-year median averages
TD Cowen maintains positive outlook on Meta with $820 target, highlighting AI advertising advancements
Uber expands autonomous vehicle services in Dubai and pursues Blacklane acquisition
DoorDash faces reduced price projections following fuel assistance program introduction while maintaining bullish sentiment

Wolfe Research has identified Meta, Uber, DoorDash, and Shopify as premier large-cap internet investment opportunities. According to the firm, these companies present compelling value propositions following widespread sector declines.

The analysis reveals that mega-cap internet equities currently trade at levels three turns beneath their three-year historical median multiples. Similarly, large-cap counterparts are positioned significantly below their traditional valuation benchmarks.

Despite the valuation compression, Wolfe Research emphasizes that underlying business fundamentals remain robust. Their selection criteria prioritize companies demonstrating the strongest probability for positive earnings adjustments, operational margin enhancement, and durability against macroeconomic headwinds.

Meta Platforms

Wolfe Research assigns Meta an Outperform designation with an $800 valuation target. The stock has lagged the S&P 500 index by 12 percentage points following its January quarterly results announcement.

Meta Platforms, Inc., META

Analysts anticipate first-quarter sales figures will surpass Wall Street projections by low-single digit percentages. Looking ahead to the second quarter, Wolfe projects management will provide revenue guidance of $61 billion, exceeding the Street’s $60 billion forecast.

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

TD Cowen maintains its Buy recommendation alongside an $820 price objective. The firm’s revenue and operating profit projections exceed consensus estimates by 1% and 6% respectively for the opening quarter.

Meta’s revenue climbed 22% on a year-over-year basis to reach $201 billion, accompanied by an 82% gross margin. The company is scheduled to report quarterly results on April 29.

Regarding regulatory developments, the European Commission is preparing to mandate that Meta rescind policies that limit competing AI chatbot functionality on WhatsApp.

Uber Technologies

Wolfe Research designates Uber as Outperform with a $90 price objective. The stock has trailed the S&P 500 by two points since releasing February earnings data.

Analysts predict first-quarter booking volumes will exceed projections by low-single digit margins. Second-quarter guidance is anticipated to align with or surpass consensus expectations.

Uber recently announced its agreement to purchase premium chauffeur service provider Blacklane. Additionally, the company is evaluating a potential majority ownership position in Kakao Mobility.

The ride-sharing platform initiated fully autonomous robotaxi services in Dubai accessible through its application. Market observers also highlight more aggressive stock repurchase activity as a potential value driver during the latter half of 2026.

DoorDash

Wolfe Research rates DoorDash as Outperform with a $195 target price. Shares have underperformed the broader S&P 500 by 12 points since February results.

Analysts forecast first-quarter gross order value and EBITDA will surpass market expectations. Proprietary survey intelligence indicates DoorDash is capturing increased market share within grocery delivery segments.

Multiple analysts, including the team at BTIG, have adjusted price targets downward due to expenses associated with a newly implemented driver fuel assistance initiative. However, all firms retained 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 offering attractive entry points.

First-quarter gross merchandise volume, revenue, and operating profit are all projected to exceed Street consensus estimates. New product launches including Shop Campaigns, Audience, and Sidekick, combined with an expanding Google collaboration, are identified as critical growth catalysts.

Wells Fargo and Deutsche Bank have reduced their price objectives while maintaining favorable ratings. Piper Sandler reaffirmed an Overweight stance, pointing to solid revenue expansion prospects.