12:08 PM EDT, 08/08/2025 (MT Newswires) -- IonQ ( IONQ ) faces a dichotomy with a "large long-term opportunity" in quantum technology paired with an "uncertain market position," Morgan Stanley said Thursday in a report.

IonQ's ( IONQ ) revenue drivers are "somewhat murky," given mergers and acquisitions, with the company's value more tied to products under development, the report said.

The company "has the building blocks in place, and a wide footprint of business to monetize that advantage should it materialize," Morgan Stanley said. Still, "we struggle to differentiate" the long-term potential implied in the current offerings versus rivals, the report said.

On Wednesday, the company reported a wider Q2 loss, while revenue rose to $20.7 million from $11.4 million, topping Wall Street estimates. IonQ ( IONQ ) raised its 2025 revenue outlook to the range of $82 million to $100 million from $75 million to $95 million.

Morgan Stanley raised its price target on IonQ ( IONQ ) stock to $32 from $30 and maintained its equalweight rating.

IonQ ( IONQ ) shares rose 3.1% in Friday trading.

Price: 41.74, Change: +1.25, Percent Change: +3.09