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Alphabet Inc. (GOOGL) is a Buy at Citizens on Waymo Operational Progress as RBC Capital Downplays Real Estate Prospects [Yahoo! Finance]
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that Alphabet Inc. (NASDAQ:GOOGL) is a Market Outperform with a $340 price target. The positive stance is in response to Waymo's third-quarter operational update. The autonomous driving subsidiary says its cumulative rider miles increased by 28 million in the third quarter, representing 24% quarter-over-quarter growth. Phoenix has emerged as the subsidiary's biggest market, where the unit added 10 million rider-only miles. The milestone comes as the unit plans to raise more than $15 billion at a valuation of about $100 billion. The valuation underscores Waymo's emergence as a leader in driverless technology as the company continues to ramp up its fleet. Backed by Alphabet, Waymo remains in a solid position to take on Tesla and others in the autonomous ride-hailing business. It is currently the only company without a safety driver across multiple cities. Meanwhile, RBC Capital does not expect Alphabet to enter the real estate portal market. According to the research firm, the com
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