Alphabet (GOOGL) has positioned Waymo, its self-driving unit, as a long-term growth driver. Morgan Stanley has updated its forecast on Alphabet stock to reflect the increasing competition with Uber. The firm maintains its overweight rating on Alphabet shares and a $330 price target, citing the broader industry outlook and Waymo’s faster-than-expected scaling. As of writing, Alphabet stock trades at around $280 and is down more than 10% year-to-date. However, Morgan Stanley highlighted that Uber Technologies (UBER) remains far larger, with about 51 million weekly U.S. rides compared with Waymo's current scale. The company raised capital earlier this year at a roughly $126 billion valuation, which Morgan Stanley notes represents only about 4% of Alphabet's enterprise value today.