Cantor Fitzgerald top analyst Troy Jensen raised price targets for both IonQ (IONQ) and D-Wave Quantum (QBTS) following their latest quarterly results. He maintained Overweight ratings on both stocks, pointing to rising momentum and early progress in commercial adoption.
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Jensen said the industry is still in its early stages, but both companies are gaining traction as demand for quantum hardware and software grows. He expects wider use in computing and security to drive long-term growth for IonQ and D-Wave.
For reference, both companies recently reported quarterly results that showed growing demand for quantum technology. IonQ delivered record quarterly revenue of $39.9 million, up 222% year-over-year, and raised its full-year outlook despite reporting a wider loss. Meanwhile, D-Wave Quantum also posted a 100% year-over-year jump in revenue to $3.7 million, beating estimates, though losses widened due to higher non-cash charges.
Cantor Sees Upside in IonQ Stock
Jensen lifted his price target on IonQ to $70 from $60, maintaining an Overweight rating. The new target implies about 20% upside from current levels.
He said IonQ continues to lead in building quantum systems and cloud-based services, with improving visibility into future sales. The analyst expects IonQ could capture around 30% of the total market by 2035, supported by new projects in quantum computing and security.
Jensen also raised his valuation multiple, noting better momentum across IonQ’s partnerships and customer base.
Cantor Doubles Price Target on D-Wave Quantum
For D-Wave Quantum, Jensen doubled the price target to $40 from $20 and kept an Overweight rating, implying about 40% upside.
He said D-Wave is gaining traction with its hybrid quantum computing platform, which helps businesses solve complex problems in logistics and optimization. Jensen believes D-Wave could reach 20% market share by 2035, up from his earlier forecast of 15%.
He added that D-Wave remains one of the few quantum companies with real commercial use, which supports his more optimistic view.
Which Is the Best Quantum Computing Stock?
Using TipRanks’ Stock Comparison Tool, we found that Wall Street holds a Strong Buy consensus on both IonQ and QBTS. IonQ offers the higher upside potential, with analysts’ average price target of $74.88, implying about 30% upside over the next 12 months. In comparison, D-Wave’s average target of $29.38 suggests a more modest 3.5% upside from current levels.
