After coming off a miserable 2022 for the stock market, where the Nasdaq-100 technology index plunged by 33%, Wall Street analysts understandably entered this year with a cautious stance. 

There are plenty of stocks that appear cheap based on traditional metrics because they've declined in value so much over the last 18 months, but very few have attracted hefty price targets pointing to triple-digit percentage gains by analysts. 

Those opportunities do exist, though, and I'm going to share two of them. Here's why two Wall Street firms are betting Uber Technologies (UBER -0.04%) and Peloton Interactive (PTON -4.22%) could more than double over the next 12 months. 

1. Uber Technologies: Implied upside of 101%

The ride-sharing (mobility) industry ground to a halt during the pandemic. The number of monthly customers using Uber had crashed to 93 million by the end of 2020, from 111 million in 2019. The company was forced to adapt, and it did so by relying on other avenues like food delivery, which became the leading driver of its overall gross bookings until the end of 2022. 

Now, with society mostly back to normal, Uber's mobility business roared back. It booked $14.9 billion worth of rides in the fourth quarter of 2022, an increase of 31% year over year. It also became Uber's largest financial contributor once again, surpassing food delivery after two years in second place. 

Moreover, the company ended 2022 with 131 million monthly platform users, which was an all-time high. For the first time ever, 100 million of them were using Uber's ride-hailing services. 

But there's another exciting story quickly bubbling to the surface, and that's the freight segment. Uber Freight (think ride-hailing, but for shipping) quickly became one of the world's largest logistics networks, with more than 200,000 users and $17 billion in freight under management. It's still a relatively small financial contributor to Uber, but in Q4, its $1.5 billion in gross bookings represented a 42% increase year over year, making it the company's fastest-growing segment. 

It's just getting warmed up, because Uber is eyeing a $4 trillion global opportunity in trucking alone. 

With all of Uber's momentum right now, it's not surprising Wall Street analyst firm DA Davidson thinks its stock could soar to $62. That represents 101% upside from where it trades today, but with other new opportunities on the horizon like autonomous ride-hailing, that could be a conservative target in the long run.

2. Peloton: Implied upside of 130%

First, I've actually been very bearish on Peloton stock over the last couple of years. The company makes at-home exercise equipment with virtual classes, and it struggled to keep its momentum going after two boom years during the 2020-to-2021 period of the pandemic. Its financials dropped into the danger zone as a result, placing the company in a fight for survival. 

But with a new CEO in place, Peloton is executing a turnaround, and the results have been impressive. So far, the strategy included slashing the company's workforce by more than half, offshoring manufacturing, and tapping new retail partners like Amazon and Dick's Sporting Goods. Previously, Peloton had produced all of its hardware in house and only sold its products through its own digital and physical sales channels. 

In the recent fiscal 2023 second quarter (ended Dec. 31, 2022), Peloton delivered sequential revenue growth for the first time in three quarters. But one of management's greatest challenges has been cleaning up the company's bottom-line losses, which were in the red to the tune of $2.8 billion in fiscal 2022.

It quickly made progress, delivering positive non-GAAP (generally accepted accounting principles) free cash flow of $8.2 million in Q2 -- albeit after substantial adjustments, such as stripping out $102.6 million in settlement payments to suppliers. Its net loss, though, was still elevated at $335.9 million. 

A key focus for Peloton is subscriptions. More than 3 million people are now connected fitness subscribers, and this revenue stream has a high gross profit margin of nearly 70%, so it will be a crucial part of bringing the company into profitability over the long term.

Peloton has just $871 million in cash left on its balance sheet, so I'm not totally sold that it can complete its turnaround before running out of money. But I'm not surprised Wall Street bank Citigroup thinks Peloton stock could jump to $22, because the company is certainly moving in the right direction. If that forecast is accurate, investors who buy today could be rewarded with a whopping 130% gain.