Kingsley Crane, an analyst from Canaccord Genuity, maintained the Buy rating on D-Wave Quantum. The associated price target remains the same with $20.00.
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Kingsley Crane has given his Buy rating due to a combination of factors that highlight D-Wave Quantum’s potential for growth and innovation. The company reported impressive Q2 results, with revenue surpassing expectations, despite a slight dip in bookings compared to the previous quarter. This performance is underpinned by a promising sales pipeline, including a memorandum of understanding with Yonsei University and other potential deals, which suggests an acceleration in system sales.
Moreover, D-Wave’s technological advancements, such as the introduction of new Developer Tools for Quantum AI and a strategic initiative in cryogenic packaging, demonstrate its commitment to innovation and long-term growth. These developments, alongside a strong cash position and the potential for mergers and acquisitions, provide a solid foundation for future success. Despite the inherent volatility in the quantum computing sector, Crane’s analysis indicates a pathway for significant upside, justifying the Buy rating with a price target of $20.
In another report released today, Craig-Hallum also reiterated a Buy rating on the stock with a $22.00 price target.
QBTS’s price has also changed dramatically for the past six months – from $5.810 to $17.170, which is a 195.52% increase.