Key insights
- TD Cowen reiterates a Buy rating on Alphabet (GOOG) with a $450 price target, citing strong growth in Waymo's autonomous vehicle service. Waymo's operational metrics, including a 92% year-over-year increase in California trips, support the positive outlook. Google's launch of Gemini Intelligence and discussions with SpaceX for orbital data centers further contribute to a bullish sentiment. 31 analysts have revised earnings upwards, and the stock's attractive valuation relative to growth prospects suggests potential upside.
Investing.com - TD Cowen reiterated a Buy rating and $450.00 price target on Alphabet (NASDAQ:GOOG) stock, citing strong growth in its Waymo autonomous vehicle service. The stock has surged 139% over the past year, trading at $386.56 with a market capitalization of $4.71 trillion.
Waymo vehicles completed 1.36 million California trips with a passenger in March 2026, up 92% year-over-year and compared to 1.26 million in December 2025. The service reached 308,000 weekly trips in California.
Passenger miles per trip grew 4% quarter-over-quarter in the first quarter of 2026, reflecting geographic expansion in Los Angeles and San Francisco.
Waymo utilization improved on a year-over-year basis, with vehicles spending 88% of overall miles traveled either on route to a passenger pickup or with a passenger in the car, up from 85% in the fourth quarter.
TD Cowen analyst John Blackledge maintained the firm’s positive stance on the stock based on the operational metrics. The bullish view aligns with broader Wall Street sentiment, as 31 analysts have revised their earnings upwards for the upcoming period, according to InvestingPro data. Trading at a P/E ratio of 29.4 and a PEG ratio of just 0.64, the stock appears attractively valued relative to its growth prospects. For deeper insights, investors can access Alphabet’s comprehensive Pro Research Report, available for this and 1,400+ other US equities on InvestingPro.
In other recent news, Google has announced the launch of Gemini Intelligence, a system designed to automate tasks across Android devices while ensuring user privacy and control. This feature will be available on the latest Samsung Galaxy and Google Pixel phones starting this summer and will expand to other devices like watches, cars, glasses, and laptops later this year. Additionally, Google is in discussions with SpaceX to establish a rocket launch agreement aimed at deploying orbital data centers, marking a significant step in their expansion into space technology. In another development, Google’s Waymo is recalling 3,791 robotaxis due to a software flaw affecting flood detection, with measures being taken to address the issue while a permanent solution is developed. Furthermore, Google has launched a $10 million quantum AI program, REPLIQA, to support research at five universities, focusing on the intersection of life sciences and quantum AI to improve human health outcomes. These institutions include Harvard University, the Massachusetts Institute of Technology, and others. Lastly, the Trump administration is reportedly preparing an executive order to enhance cybersecurity collaboration with AI companies, although details remain confidential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.