Northland Securities Raises Price Target on IonQ Inc. (IONQ)

IonQ Inc. (NYSE:IONQ) is one of the 10 worst artificial intelligence stocks under $30 according to short sellers.

On June 22, Northland Securities increased the target price on IonQ Inc. (NYSE:IONQ) from $55 to $70, resulting in an adjusted upside potential of more than 16%. The firm maintained an Outperform rating on the stock, based on its prediction that the September 8 Investor Day will provide a more compelling argument for IonQ’s position as the “Broad Quantum Advantage winner.”

Photo by Anton Maksimov juvnsky on Unsplash

Even the consensus sentiment was strongly bullish for the stock as of June 23’s closing. It received Buy ratings from 7 of the 9 analysts who covered it, while 2 analysts issued Hold calls. With no Sell rating, the stock carries a median 1-year target price of $69.31, resulting in an upside potential of over 28%.

Earlier on June 17, IonQ Inc. (NYSE:IONQ) revealed Clavis XG Multiplex, a new product in its Clavis XG Quantum Key Distribution (QKD) range that aims to further improve the practicality and implementation of quantum security over metropolitan fiber networks. The company highlighted that the Clavis XG product range clearly leads the industry in enterprise-grade system integration.

IonQ Inc. (NYSE:IONQ) is a developer of quantum computing systems. It provides access to quantum computers via its own cloud services, along with other cloud platforms like Microsoft’s Azure Quantum and AWS. Its service offerings also include quantum-safe communications, quantum detection systems, maintenance and support services, and co-developing algorithms consulting.

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