IonQ Stock Surges After Wedbush Initiates Coverage with Outperform Rating
IonQ (IONQ) stock rose nearly 8% after investment bank Wedbush initiated coverage of the quantum computing company with an 'outperform' rating and a $75 price target, implying more than double its current value within 12 months. The firm highlighted IonQ's leadership in revenue ($187 million), cash reserves ($2 billion), and proprietary chip manufacturing capabilities through SkyWater as key advantages over rivals like Rigetti Computing (RGTI) and D-Wave Quantum (QBTS). Despite these strengths, Wedbush acknowledged that IonQ is not yet profitable. The company reported $510 million in losses last year and analysts expect continued losses at least until 2030. However, the firm believes quantum computing stocks will eventually transition from R&D-focused ventures to scalable businesses capable of generating profits. The stock currently trades around $39 with a market cap of approximately $14 billion.
Topics: IonQ price target quantum computing Wedbush