RBC Capital reportedly initiates SkyWater Technology coverage with $200 price target, but the story is more complicated than it looks

An analyst note from RBC Capital reportedly initiating coverage on SkyWater Technology with an outperform rating and a $200 price target has been circulating on social media. On the surface, that sounds like a straightforward bullish call on a semiconductor company. Look a little deeper, though, and the situation gets significantly murkier. SkyWater Technology, a US-based pure-play semiconductor foundry, was acquired by quantum computing firm IonQ in a deal that closed on July 31, 2026. The merger valued SkyWater at approximately $35 per share, with a total equity value exceeding $1.8 billion. The company has since delisted from Nasdaq. A price target that doesn’t quite add up Here’s the thing. A $200 price target on a company that was acquired at roughly $35 per share, and is no longer independently traded, creates an obvious disconnect. That’s nearly a 6x premium over the acquisition price investors actually received. The acquisition, announced on January 26, 2026, offered SkyWater shareholders $15 in cash plus IonQ shares for each SkyWater share they held. Prior to the deal’s completion, SkyWater’s stock had been trading in the $30 to $32 range, already reflecting the merger pre...