Starting the shortened trading week on a bullish note, D-Wave Quantum (QBTS 1.99%) stock raced out of the gate this morning. With an analyst providing an auspicious outlook, investors are now running to pick up shares of the quantum computing stock.
As of 12:20 p.m. ET, shares of D-Wave Quantum are up 13.6%.
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An industry leader with a stock that has room to run
Maintaining an outperform rating, Vijay Rakesh, a Mizuho analyst, upwardly revised the price target on D-Wave Quantum stock to $35 from $29. The action echoes those of analysts who similarly raised their price targets on D-Wave Quantum stock two weeks ago. Roth Capital boosted its price target to $40 from $30, and B. Riley lifted its price target to $40 from $36.
NYSE: QBTS
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Based on D-Wave Quantum's stock closing price of $23.37 on Friday, Rakesh's price target implies upside of more than 20%.
According to Thefly.com, Rakesh grounded his outlook in the recognition that the company has extended its gate-model roadmap, aiming to reach 10 logical qubits by 2030, steadily scaling to a 100-logical-qubit system that can successfully perform more than 1 million operations by 2032.
Is now the time to take a quantum leap in your tech exposure with D-Wave Quantum stock?
While the consensus among analysts is that D-Wave Quantum stock has room to run, those seeking quantum computing stock exposure should weigh the company's achievements more heavily than analysts' opinions. Instead of simply clicking the buy button because analysts are bullish, potential investors should look for green flags from the company that make its 2030 and 2032 targets seem achievable.
Should the company succeed in attaining its goal of delivering a 17-physical-qubit system that supports logical error rates 2 times lower than physical error rates, investors will have more material cause to buy D-Wave Quantum stock.
