BofA likes IonQ—but not all of it

A Buy call with a split personality

Bank of America just told the market it’s still bullish on IonQ, keeping a Buy rating and a $60 price target on the stock. So far, so normal Wall Street optimism.

But here’s the interesting bit: BofA also gave IonQ’s Foundry business a separate valuation, pegging it at 2 times sales. That’s the kind of move that says, “Hey, this isn’t just one blob of quantum hype—there are pieces here, and we’re valuing them differently.”

Why investors should care

That split matters because it suggests BofA sees multiple engines inside IonQ, not just a single moonshot bet on quantum computing. If the market starts assigning distinct values to hardware, services, and Foundry-style offerings, you can end up with a very different stock narrative than the usual all-or-nothing sci-fi trade.

• The Buy call keeps the bullish thesis alive.
• The $60 target gives investors a concrete benchmark.
• The Foundry valuation hints at a sum-of-the-parts mindset, which can be a fancy way of saying the market may be underestimating one slice of the business.

Big picture: IonQ is still very much in the “prove it” phase, but Wall Street is starting to talk about it like a business with compartments, not just a quantum poster child.