Needham analyst Quinn Bolton maintained a Buy rating on D-Wave Quantum (QBTS – Research Report) today and set a price target of $13.00.
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Quinn Bolton has given his Buy rating due to a combination of factors that highlight D-Wave Quantum’s strong financial performance and strategic advancements. The company reported first-quarter revenue significantly exceeding market expectations, driven by the successful sale of an Advantage system to the Julich Supercomputing Centre in Germany. This sale not only boosted revenue but also demonstrated the high margins associated with their system sales compared to their Quantum Computing as a Service (QCaaS) offerings.
Additionally, D-Wave Quantum has made notable progress by completing the installation of its Advantage2 system in Alabama and advancing its quantum blockchain initiatives. The company is actively seeking a partner to enhance its market strategy, which could further solidify its position in the industry. Increased commercial engagements following these developments also suggest a growing interest in their technology, supporting the optimistic outlook and the decision to maintain a Buy rating while raising the price target to $13.
In another report released today, Roth MKM also maintained a Buy rating on the stock with a $12.00 price target.