Alphabet Inc’s Google plans to invest at least $10 billion in data centers and offices across the United States by the end of 2020, while focusing on 11 states, the tech company said.
Alphabet shares closed higher for the fourth time in the past ten trading sessions on NASDAQ on Wednesday. The stock edged up 0.34% ($4.73) to $1,393.18, after touching an intraday low at $1,380.00, or a price level not seen since January 6th ($1,350.00).
Shares of Alphabet Inc have risen 4.20% so far in 2020 compared with a 3.54% loss for the benchmark index, S&P 500 (SPX).
In 2019, Alphabet’s stock went up 29.10%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.
“These investments will create thousands of jobs – including roles within Google, construction jobs in data centers and renewable energy facilities, and opportunities in local businesses in surrounding towns and communities,” Google’s Chief Executive Officer Sundar Pichai said in a blog post, cited by Reuters.
During the quarter ended on December 31st, the tech company reported a 19% surge in total expenses to $36.81 billion.
Analyst stock price forecast and recommendation
According to CNN Money, the 42 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,600.00, with a high estimate of $1,800.00 and a low estimate of $1,270.00. The median estimate represents a 14.85% upside compared to the closing price of $1,393.18 on February 26th.
The same media also reported that at least 36 out of 45 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 5 – as “Hold”.