BofA starts IonQ at Buy with a $60 target

BofA Securities initiated coverage of quantum computing company IonQ with a Buy rating and a price target of $60 per share on September 28, 2026. The target implies about 30% upside from Monday's opening price of $46.31. IonQ shares rose 4.44% intraday as of 10:00 a.m. ET.

BofA cited IonQ's semiconductor-based approach to scaling qubit counts, broad customer engagement, and market exposure across quantum computing, communications, and sensing. The bank applies a 7x enterprise value-to-sales multiple to $2.5 billion in estimated quantum hardware and services revenue, plus a 2x multiple to $1.2 billion in projected foundry revenue. That results in a blended multiple of 5.4x estimated sales for fiscal 2030.

IonQ expanded into foundry services through its acquisition of SkyWater Technology. That transaction helped raise the midpoint of the company's fiscal 2026 revenue guidance to $455 million, up from $285 million. BofA noted that commercial adoption remains in an early stage because current qubits are error-prone, but it expects gains in fidelity, error correction, and scale to yield more useful quantum machines by 2030.

BofA's $60 target matches StoneX's valuation. It sits below Cantor Fitzgerald's target of $70 and B. Riley's target of $100, while Mizuho recently lowered its price target to $52.