IonQ stock climbs on BofA initiation with $60 target

Investing.com -- IonQ stock rose 3.4% in morning trading on Monday, reaching $47.01 after BofA Securities began coverage of the quantum computing company with a Buy rating and a $60 price target.

The bank based its positive outlook on IonQ's semiconductor-enabled method for increasing qubit counts, its expanding base of enterprise customers, and its position in both quantum hardware and foundry revenue streams.

BofA analysts calculated their price target by applying a 7.0x EV/Sales multiple to projected fiscal 2030 quantum hardware and services revenue of $2.5 billion, and a 2.0x EV/Sales multiple to estimated fiscal 2030 foundry revenue of $1.2 billion. This approach resulted in a combined 5.4x EV/Sales multiple based on 2030 projections.

The new coverage adds to existing analyst support for the stock, with price targets across Wall Street ranging from approximately $42 to $100.

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