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Google Scraps Plan To Rent Large Office Space In Dublin - Report - TipRanks Financial Blog
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Google Scraps Plan To Rent Large Office Space In Dublin – Report

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.

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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Amit Singh
Amit Singh has over eight years of strong experience (both sell-side and buy-side) in analyzing financial reports and filings as well as identifying strategic investment opportunities. Over the years, Amit has covered various industries and geographies, with a primary focus on consumer staples and the consumer discretionary sector. Amit’s background spans evaluating company portfolios, building complex financial models, writing financial articles, and identifying the overall financial worth of companies. He has a post-graduate diploma in finance.

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