IonQ price target raised to $11 from $9 at Needham

Needham analyst N. Quinn Bolton raised the firm’s price target on IonQ to $11 from $9 and keeps a Buy rating on the shares. The company’s announcement of new developments increases the firm’s confidence in its future revenue growth, with the most exciting one being its first systems sales agreement with QuantumBasel to deliver an #AQ 35 and #AQ 64 system, the analyst tells investors in a research note. The agreement also signals extreme confidence in IonQ’s QC technology and the company’s ability to deliver on its roadmap on time or ahead of schedule, the firm added.