IonQ and D-Wave Quantum spike as Jefferies initiates coverage with “buy” ratings

Shares of IonQ and D-Wave Quantum are soaring on Tuesday after Jefferies initated coverage on the stocks with “buy” ratings and price targets of $100 and $45, respectively.

Rigetti Computing, which Jefferies started with a “hold” rating and $30 price target, is modestly lower. These three quantum computing companies are all down between 40% and 60% from their October all-time highs.

All 13 analysts who cover D-Wave have a “buy” (or equivalent) rating, while 75% of the dozen on Wall Street who have a rating on IonQ recommend the stock.

While the speculative AI-linked stocks continue to largely get crushed, this pocket of the market also favored by retail traders is showing some signs of life.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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