Bank of America Initiates Coverage on IonQ with Buy Rating and $60 Price Target
On September 28, Bank of America analyst Vivek Arya initiated coverage on quantum computing company IonQ (IONQ) with a 'Buy' rating and a price target of $60. The stock was trading around $45 at the time, implying potential for over 33% upside. Arya highlighted recent acquisitions by IonQ as catalysts that could accelerate commercial-scale quantum computing timelines. IonQ acquired Seed Innovations in January to manage complex workloads and SkyWater Technology in July to control chip manufacturing for its Superion systems. The latter acquisition is seen as particularly significant, enabling more precise qubit development crucial for error correction and scalability. Arya noted that IonQ’s upcoming Superion 256 platform could represent a major architectural shift. IonQ's recent financial performance supports the bullish outlook: Q2 revenue reached $80.05 million, up 287% year-over-year, with five consecutive quarters of record results. The company also raised its full-year 2026 revenue guidance to a midpoint of $455 million from previously projected $285 million.
Topics: Bank of America IonQ Quantum Computing Stock Analysis