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Investing.com - Mizuho lowered its price target on IonQ, Inc. (NYSE:IONQ) shares to $61 from $80 while maintaining an Outperform rating on Monday. The stock currently trades at $29.24, reflecting a 63% decline over the past six months, though the company’s market cap remains at $10.72 billion.
The firm updated its view on quantum computing following recent industry developments and announcements. Mizuho noted that NVQLink is gaining traction with multiple players, improving Quantum Error Correction and enabling hybrid workflows combining quantum processing units, graphics processing units, and central processing units. Despite recent stock volatility, IonQ posted impressive revenue growth of 202% in the last twelve months, according to InvestingPro data.
The race toward more than 200 logical qubits is intensifying as companies continue ramping research and development, with the most ambitious roadmaps pointing to more than 200 logical qubits in 2027-2029, according to the firm. The United Kingdom is adding approximately $2.7 billion in quantum computing funding over roughly four years, while Rigetti Computing plans to invest approximately $100 million in the UK.
Canada is investing approximately $1 billion into quantum computing for defense, adding to $2.7 billion in National Quantum Initiative and CHIPS funding extending to 2034. Mizuho also lowered its price target on Rigetti Computing to $33 from $43 and on D-Wave Quantum to $31 from $40, while maintaining Outperform ratings on both.
The firm said it continues to see more than 100% upside and remains positive on the long-term quantum computing roadmap in the early stages of an inflection. Analysts covering the stock have set price targets ranging from $35 to $100, with InvestingPro offering comprehensive analysis through its exclusive Pro Research Report, one of 1,400+ available for US equities.
In other recent news, IonQ has been active with several strategic developments. The company announced the appointment of William F. Scannell to its board of directors, expanding the board to accommodate his role as a Class II director until 2026. Additionally, IonQ has filed a prospectus supplement with the Securities and Exchange Commission to facilitate the resale of 2.56 million shares held by the University of Cambridge. This move is part of a Registration Rights Agreement between IonQ and the university.
IonQ has also entered into multiple partnerships to advance its quantum computing initiatives. A Memorandum of Understanding with the Korea Institute of Science and Technology Information aims to explore quantum-high performance computing hybrid technologies. Furthermore, IonQ is collaborating with the University of Cambridge to establish the IonQ Quantum Innovation Centre, deploying its 6th-generation quantum system on Cambridge’s campus. In another partnership, IonQ is working with the Applied Research Laboratory for Intelligence and Security on a quantum security program, focusing on Zero Trust Architecture for enhanced security measures.
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