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Top Analyst Projects 20% Upside for IONQ Stock with New Street-High Target

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David William at Benchmark raised his price target on IONQ stock from $50 to $55.

Top Analyst Projects 20% Upside for IONQ Stock with New Street-High Target

IonQ Inc. (IONQ) received a Street-high price target from top Wall Street analyst David Williams of Benchmark. The five-star-rated analyst raised his price target on IONQ stock from $50 to $55. His new target implies more than 20% upside from current levels as compared to the average analyst estimate, which points to a modest 2% downside.

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Year-to-date, IONQ stock is up over 8%. On Monday, shares rose nearly 2% following the company’s announcement of the pricing of a $1 billion equity offering, marking a significant capital boost.

Benchmark’s Bullish Case for IONQ

Benchmark raised its price target for IonQ after a recent chat with the company’s CEO, Niccolò de Masi, and CFO, Thomas Kramer, which strengthened the firm’s confidence in the company’s long-term potential.

Williams emphasized that IonQ distinguishes itself from competitors with a more commercially-focused business model and a unique go-to-market strategy. He also highlighted the company’s ambitious goals for qubit development, which aims to enhance the power and reliability of its quantum systems. This technical progress further reinforces IonQ’s path to commercialization. For context, qubit development involves improving qubits, which are the fundamental units of information in a quantum computer.

Meanwhile, the company’s multiple revenue streams may contribute to long-term growth as the broader quantum industry develops.

Overall, Williams highlighted IonQ’s strong position in quantum computing and networking, noting its steady progress toward expanding its patent portfolio. He also pointed to the company’s strategic focus on building a full quantum ecosystem as a key factor that could support its long-term growth.

Is IonQ Stock a Good Buy?

Turning to Wall Street, analysts have a Strong Buy consensus rating on IONQ stock based on five Buys and one Hold assigned in the last three months. The average IONQ price target of $44.17 implies a downside of over 2% from current levels.

See more IONQ analyst ratings

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