HSBC downgraded IBM (NYSE: IBM) to a Sell equivalent rating. The bank recommends a synthetic IBM portfolio featuring IonQ (NYSE: IONQ), SAP, Accenture, and HP.
HSBC projects this basket will deliver 40% more earnings per share than IBM. The bank expects this outperformance to materialize by 2030.
IonQ secured nearly $600 million in new quantum computing orders over the past five quarters. IBM reported $100 million in quantum orders during the same timeframe.
Analysts highlighted IonQ's significant momentum in the quantum computing sector. The report suggests IonQ maintains a stronger competitive position and growth outlook than the industry titan.