Buy Rating for Alphabet Driven by Waymo’s Robust Growth and Expansion Plans

TD Cowen analyst John Blackledge maintained a Buy rating on Alphabet Class C today and set a price target of $335.00.

John Blackledge has given his Buy rating due to a combination of factors including the impressive growth trajectory of Waymo, Alphabet’s autonomous vehicle division. Waymo has achieved significant milestones, such as surpassing 1 million monthly rides in California and expanding its service areas, which indicates a robust demand for its services. The company’s strategic plans to launch in seven new cities by 2026 and increase its weekly paid rides to 1 million by the end of that year further underscore its growth potential.
Moreover, Waymo’s ability to increase the average trip distance and introduce freeway access in key cities like Los Angeles, Phoenix, and San Francisco demonstrates its commitment to enhancing user experience and service efficiency. These developments, along with the anticipated expansion into new markets such as Miami, Washington D.C., and London, position Alphabet to capitalize on the growing autonomous vehicle market, making its stock an attractive investment opportunity.

Based on the recent corporate insider activity of 184 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GOOG in relation to earlier this year.