On Wednesday, IonQ, Inc. (NYSE:IONQ) received a Buy rating from DA Davidson, with the firm setting a price target of $50 for the quantum computing company.
This initiation marks the beginning of DA Davidson's DaVinci initiative, which aims to cover deep tech companies with a focus on their technological underpinnings, disruptive capabilities, and long-term strategic value.
"We believe IonQ represents a compelling pure-play investment positioned to capitalize on quantum computing's rapid growth, driven by increasing inadequacy of classical computing for solving complex problems," the firm said in a note.
The Buy rating is based on IonQ's standing as a leading player in the emerging field of quantum computing.
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