** Shares of quantum computing firm IonQ IONQ.N up 4.8% at $58.30, after hitting intraday record high of $59.16 on Mon, adding to substantial gain in prior session in wake of its analyst day event

** IONQ shares on Fri surged ~18% to record closing high of $55.61 after co presented to investors and announced it secured regulatory approval for acquisition of British startup Oxford Ionics, saying it expects the deal to close in the near term

** Needham reiterated its 'buy' rating on the shares and hiked its PT by $20 to $80

** "IonQ is the only company in the industry to have quantum computing, quantum networking and quantum security under one roof," Needham analyst N. Quinn Bolton wrote in note

** Management highlighted the U.S. Department of War recently stated 'Cryptographically relevant quantum computers may be possible in as soon as three years,' Bolton said, adding ”Thisfact is driving growing interest in the company’s QKD (quantum key distribution) systems"

** B. Riley Secs, which also has a 'buy' rating, lifted its PT by $14 to $75

** "We believe the robust and well-substantiated strategic, technology, and commercial road map takeaways materially enhance confidence in a bullish commercial leadership thesis...," B. Riley analyst Craig Ellis said in note

** On Fri, shares of peers also rose: Rigetti Computing RGTI.O jumped ~14%, D-Wave Quantum QBTS.N gained 7.5% and Quantum Computing QUBT.O climbed ~7%

** 6 of 8 analysts covering College Park, Maryland-based IONQ rate the stock "buy" and 2 rate "hold"; median PT is $62.50, per LSEG data

** With the move on Mon, shares up ~39% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))