Bank of America Securities has initiated coverage of quantum computing specialist IonQ (IONQ) with a Buy rating and a $60 price target, adding one more name to the list of Wall Street firms that have published formal ratings on the stock. IonQ shares hovered near $45.48 during Monday's trading session, registering an advance of roughly 1%, even though the stock had slipped about 1% in premarket activity ahead of the regular open.

Initiations are notable because they give a stock something it previously lacked at that firm: a formal research framework — rating, price target, and valuation model — that readers can weigh against the full range of existing Street views. The new $60 valuation target sits above IonQ's current market price but remains below some of the more aggressive projections on the Street. Wall Street price targets for the stock currently span from $41.85 to $100.

Vivek Arya, the analyst behind the initiation, emphasized IonQ's semiconductor-based strategy for expanding qubit capacity as a primary factor behind the Buy recommendation. He also pointed to the company's diversified client portfolio, which spans quantum computing, communications and sensing technologies.

How Bank of America Built Its $60 Target

Behind the target sits a two-part valuation model built on IonQ's projected 2030 revenue mix. The bank applies a 7.0x enterprise-value-to-sales (EV/S) multiple to anticipated 2030 quantum hardware and services revenue of $2.5 billion. A separate 2.0x multiple is assigned to forecast foundry revenue of $1.2 billion over the same timeframe. Together, the two components produce a combined 5.4x EV/S multiple for the 2030 fiscal period.

For context, IonQ generated $246.47 million in revenue over the trailing twelve months, a figure representing a 371% year-over-year surge. Despite that growth, data from InvestingPro indicates that IonQ appears overvalued relative to its Fair Value calculation at present market levels. The model's combined 2030 revenue assumptions total roughly $3.7 billion — about 15 times the trailing-twelve-month figure — underscoring how much multi-year execution the Buy case assumes.

Acquisitions Extend Reach Beyond Core Hardware

IonQ, the biggest publicly traded pure-play quantum computing entity by revenue, has pursued strategic acquisitions to expand beyond its core quantum hardware operations. Arya observed that the company has leveraged transactions to enter quantum networking, security, sensing, space applications and foundry services. In his view, this expanded presence has generated additional revenue channels and enterprise partnerships while the sector progresses toward fault-tolerant computing capabilities.

The acquisition of SkyWater Technology recently concluded, bringing wafer fabrication and packaging operations under IonQ's control. The transaction supports the company's strategy of manufacturing its Superion quantum system lineup using semiconductor production methods.

Arya specifically called attention to the Superion 256 platform, which integrates electronic qubit control technology from Oxford Ionics with SkyWater's fabrication and packaging expertise. According to the analyst, that combination reduces the optical intricacy present in previous architectures.

IonQ has also announced what it describes as the sector's first comprehensive real-time quantum error correction decoder. The company says the technology enables real-time error correction while maintaining execution velocity. In response to these developments, IonQ elevated its fiscal 2026 revenue forecast, lifting the updated midpoint to $455 million from the previous $285 million.

Where the Rest of Wall Street Stands

Bank of America is not alone in expressing confidence in the stock. StoneX maintained its Buy rating with a $60 target, while Cantor Fitzgerald preserved an Overweight rating with a $70 target. Mizuho adopted a more conservative position, reducing its price target to $52 from $61 due to valuation considerations. B. Riley, meanwhile, kept its Buy rating and $100 target intact, pointing to revenue expansion from the SkyWater transaction.

At recent investor presentations, IonQ unveiled the expanded Superion QC family along with its quantum foundry service. Systems manufactured at SkyWater Technology facilities are scheduled to commence deliveries in early 2027. Between now and those deliveries, the raised fiscal 2026 guidance offers a nearer-term marker for whether the growth trajectory underpinning both the company's roadmap and the Street's targets is holding to plan.

Source: Blockonomi