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IonQ, Inc. (NYSE:IONQ) shares slipped on Thursday as a fresh Wall Street review weighed the company’s long-term potential against its current valuation.
The latest take highlights big ambition in quantum computing but urges caution as the technology and market continue to mature.
JP Morgan analyst Peter Peng initiated coverage on IonQ with a Neutral rating and announced a price forecast of $47.
Also Read: What Does the Market Think About D-Wave Quantum Inc?
Peng says IonQ is well placed to lead the next wave of disruptive compute technology, quantum computing.
He notes quantum systems could unlock enormous economic value and eventually generate billions in hardware and software revenue.
Quantum computing adoption remains early today, he adds, because current machines still have limited performance and scale.
Peng highlights that IonQ has laid out a detailed technology roadmap aimed at making its systems commercially viable.
The company is also building a full-stack platform, similar to Nvidia Corporation’s (NASDAQ:NVDA) model, spanning hardware, software and ecosystem tools.
That stack covers compute, networking, security and sensing, which he believes strengthens customer adoption and developer engagement.
Peng says this strategy lets IonQ target quantum computing, quantum sensing and quantum communications as three core markets.
He estimates those segments together represent a total addressable market of $46 billion to $97 billion by 2035.
He expects IonQ to maintain rapid revenue growth supported by strong leadership, key partnerships and growing product commercialization.
Peng cites collaborations with Hyundai, AFRL, AstraZeneca, EPB and Ansys as important validation of IonQ’s technology.
He also points to the company’s sizable cash position as a buffer while it executes its roadmap.
Despite his optimism, Peng initiates IonQ at Neutral, arguing the stock already reflects a demanding valuation.
He concludes that IonQ is emerging as a quantum leader but offers a balanced risk-reward at current levels.
Price Action: IONQ shares were trading lower by 8.78% to $43.67 at last check Thursday.
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