Analyst Quinn Bolton of Needham maintained a Buy rating on D-Wave Quantum (QBTS – Research Report), retaining the price target of $2.50.
Quinn Bolton has given his Buy rating due to a combination of factors that indicate a positive trajectory for D-Wave Quantum’s business operations and technological advancements. Firstly, the company has demonstrated consistent growth in bookings for eight consecutive quarters, setting a new quarterly record, which reflects a strong and increasing demand for its offerings. Additionally, the company secured two significant multi-year orders, evidencing its ability to attract substantial and lasting commitments from clients.
The introduction of D-Wave’s fast anneal feature, which greatly enhances quantum processing speeds, is a notable technological leap that has already seen widespread utilization, with over 530,000 jobs leveraging this feature since its inception in April. Moreover, progress on the technology front is evidenced by the development of processors that exceed 4,800 qubits for its forthcoming Advantage2 system. This, along with the renewal of a multi-year partnership with USC, suggests a robust and forward-moving technological roadmap. These elements collectively underpin Bolton’s confidence in the stock’s potential, maintaining a price target that reflects these growth factors and the company’s promising future.
According to TipRanks, Bolton is a top 100 analyst with an average return of 23.1% and a 61.05% success rate. Bolton covers the Technology sector, focusing on stocks such as Silicon Motion, Smart Global Holdings, and MagnaChip.
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D-Wave Quantum (QBTS) Company Description:
DPCM Capital Inc is a blank check company.
