D-Wave Quantum price target raised to $8 from $3 at Benchmark

Benchmark raised the firm’s price target on D-Wave Quantum (QBTS) to $8 from $3 and keeps a Buy rating on the shares. The sentiment for quantum has “clearly shifted over the last few weeks,” with multiple industry and company specific announcements helping drive the price inflection for the group, the analyst tells investors. Despite the move, the firm thinks the company’s recent balance sheet recapitalization “eliminates much of the risk discount that has remained an overhang since its public debut,” the analyst added following a meeting with D-Wave’s CFO, John Markovich, during Benchmark’s Discovery Conference.