TD Cowen Sets $365 Target as Waymo Scales to 280K Weekly Trips
TD Cowen’s John Blackledge maintained a Buy rating on Alphabet with a $365 price target, citing Waymo’s scaling to over 280,000 weekly trips and 1.26 million California passenger rides in December 2025, up from 1.02 million in September. Miles per trip rose 3.8% in Q4 and idle time fell to 18 minutes.
1. Analyst Reaffirms Buy Rating
TD Cowen analyst John Blackledge reiterated a Buy rating on Alphabet with a $365 price target, signaling confidence in Waymo’s autonomous driving prospects. The reaffirmation underscores expectation of continued growth in ride volume and improved operational efficiency.
2. Trip Volume Accelerates
Waymo now completes over 280,000 weekly trips and reached 1.26 million passenger rides in California during December 2025, up from 1.02 million in September 2025. This surge reflects successful geographic expansion and growing customer adoption.
3. Utilization Metrics Improve
Passenger miles per trip increased by 3.8% quarter-over-quarter in Q4 2025, while average idle time between rides fell to 18 minutes from 27 minutes year-over-year. These trends point to tighter vehicle deployment and enhanced route efficiency.