Analyst Joseph Moore of Morgan Stanley maintained a Hold rating on IonQ (IONQ – Research Report), reducing the price target to $29.00.
Joseph Moore’s rating is based on several factors, including IonQ’s recent quarterly performance, which slightly exceeded expectations with bookings and revenue surpassing the high end of their guided range. Despite this positive outcome, the company’s decision to discontinue bookings guidance introduces some uncertainty, as this metric was previously a key focus for investors. Moore acknowledges the company’s rationale, given the unpredictable nature of large value deals, and suggests that focusing on revenue could be beneficial.
Additionally, the transition in leadership, with CEO Peter Chapman moving to Executive Chair and Niccolo de Masi taking over as CEO, is expected to maintain strategic continuity. The company’s expansion into quantum networking, highlighted by its acquisition of ID Quantique, suggests a promising growth trajectory. However, Moore remains cautious, awaiting further evidence of technology leadership and execution under the new CEO, which contributes to the Hold rating.
According to TipRanks, Moore is a 5-star analyst with an average return of 12.4% and a 55.28% success rate. Moore covers the Technology sector, focusing on stocks such as Nvidia, Broadcom, and Western Digital.