Google has cancelled its plan to rent massive office space in Dublin, Ireland, Bloomberg reported. The search giant’s latest move scraps one of the biggest real-estate deals for the city in recent years, according to the report. Shares of Alphabet were trading 2.9% lower in the pre-market trading.
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In an e-mailed response to Bloomberg, a spokeswoman for Google (GOOGL) Google said “After much deliberation, Google has decided not to proceed.” The office space is located close to Dublin’s south quays road. The seven-story office building has 202,000 square feet (18,766 square meters) and can accommodate up to 2,000 workers.
On August 24, Tigress Financial analyst Ivan Feinseth reiterated a Buy rating on the stock, citing the company’s long-term growth prospects. Feinseth said, “We reiterate our Strong Buy rating on GOOGL as strength in Cloud, Play and YouTube helped to overcome near-term COVID-19-driven advertising weakness, and its leadership positions in every major secular technology trend will continue to drive long-term shareholder value creation.” (See GOOGL stock analysis on TipRanks).
Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 30 Buys and 2 Holds. The average price target of $1,760.97 implies upside potential of 11.4% to current levels. Shares have already rallied over 18% year-to-date.
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