Wolfe Research Names Amazon, DoorDash, Meta and Chewy as Top Picks

Wolfe Research named Amazon (AMZN.OQ), DoorDash (DASH.OQ), Meta (META.OQ) and Chewy (CHWY.N) as its top internet-sector picks for the next 12 months, flagging potential upside from AI-related revenue acceleration, margin expansion and valuation dislocations. For Amazon, Wolfe projects AWS revenue growth in Q2 at low-to-mid 30% (vs. consensus 31%), citing Anthropic/OpenAI deals and capacity expansion as drivers for upside to revenue and EBITDA. Wolfe also highlighted Meta’s valuation discount to Alphabet (2027 P/E 17.7x vs 27.4x) and product/AI catalysts, and said DoorDash’s post-earnings pullback looks overdone with upside to FY27 EBITDA amid unit-economics improvements. The research note could support re-rating and estimate revisions across select internet names, lifting sector sentiment amid macro and geopolitical uncertainties.