IonQ price target lowered to $12 from $16 at Benchmark

Benchmark analyst David Williams lowered the firm’s price target on IonQ to $12 from $16 and keeps a Buy rating on the shares. The price target decrease reflects multiple compression across the group, but Benchmark remains positive on the progress and continued momentum, the analyst tells investors in a research note. The firm’s conviction in the roadmap, technology, and strategy remains firmly intact as the increasing tempo of hardware sales, bookings, and revenue, demonstrate industry-leading performance, Benchmark says.