Why IonQ Computing Stock Just Popped
Written by Rich Smith for The Motley Fool -> Mizuho analyst Vijay Rakesh raised his price target on D-Wave Quantum stock today. In fact, he cut his price target on IonQ stock two months ago. IonQ (NYSE: IONQ) stock jumped 7.3% through 11:45 a.m. ET Monday -- and believe it or
Mizuho analyst Vijay Rakesh raised his price target on D-Wave Quantum stock today.
In fact, he cut his price target on IonQ stock two months ago.
IonQ (NYSE: IONQ) stock jumped 7.3% through 11:45 a.m. ET Monday -- and believe it or not, you can thank an IonQ rival, D-Wave Quantum (NYSE: QBTS) for that.
More precisely, you can thank D-Wave and the banker who just praised it.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Mizuho analyst Vijay Rakesh raised his price target on D-Wave by 20% today, to $35 per share. Rakesh praised D-Wave's plan to build a gate-based quantum computer with 10 logical qubits (LQ) by 2030, then scale to 100 LQ by 2032, while improving error rates. He also liked D-Wave's prediction that quantum could grow into a $450 billion to $850 billion market by 2040, and declared D-Wave a leader in this market.
Worse, roughly two months ago, Rakesh lowered his price target on IonQ stock to $61 per share, with StreetInsider.com reporting that, while the analyst said IonQ is "gaining traction with multiple players" and improving its own error correction, quantum remains in "early stages."
When investing in quantum computing stocks, it's important not to get too caught up in the excitement of analyst upgrades and downgrades, price target hikes, and cuts. Wall Street is tracking a moving target in this industry, and Mizuho is right -- it's hard to pick winners so early in the game.
