IonQ (IONQ) Gets 7.8% Boost From Jefferies' 'Buy' Reco

We recently published 10 Stocks Shining Bright Amid Wall Street’s Dull Spell. IonQ Inc. (NYSE:IONQ) is one of the top performers on Tuesday.

IonQ grew its share prices by 7.81 percent on Tuesday to close at $49.67 each as investors took heart from an investment firm’s bullish rating for its stock.

In a market note on the same day, Jefferies issued a “buy” recommendation for IonQ Inc. (NYSE:IONQ) at a price target of $100 apiece. The figure marked a 101 percent upside potential from its latest closing price.

Jefferies said that its coverage reflected IonQ Inc.’s (NYSE:IONQ) trapped-ion infrastructure, which differentiates the latter through superior coherence, fidelity, and native all-to-all connectivity capabilities in the industry.

The price target, on the other hand, reflected Jefferies’ discounted 2030 revenue projections, representing approximately 60x enterprise value to sales.

It said it expects further upside potential for the company as it executes its strategy, expands partnerships, and continues to develop the quantum ecosystem.

In other news, IonQ Inc. (NYSE:IONQ) announced the successful deployment of Slovakia’s first national quantum communication network, which it developed in partnership with the Institute of Physics, Slovak Academy of Sciences (IPSAS).

IonQ Inc. (NYSE:IONQ) said that the new system features a resilient hybrid architecture designed to strengthen the country’s cybersecurity infrastructure and support Europe’s quantum digital programs.

While we acknowledge the potential of IONQ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.