Analyst Edward Woo of Ascendiant maintained a Buy rating on Quantum Computing (QUBT – Research Report), with a price target of $8.25.
Edward Woo has given his Buy rating due to a combination of factors highlighting Quantum Computing’s early but promising position in a high-growth industry. The company’s recent acquisition of QPhoton, a leader in quantum photonic technology, has enhanced its offering by providing a system that operates efficiently at room temperature and offers computational stability. This acquisition is expected to lower deployment costs and give Quantum Computing a competitive edge. Additionally, Quantum’s flagship software, Qatalyst, positions it at the forefront of optimization computations, essential for processing the rapidly increasing volumes of data generated by modern technologies.
Furthermore, the burgeoning demand for high-performance computing to support advancements in AI, IoT, and other data-intensive technologies underscores the need for quantum computing solutions. The market potential is magnified by significant government investments in quantum information science and domestic chip manufacturing. While adjusting the revenue and EPS estimates downwards for 2024, Woo still anticipates strong revenue growth, which combined with an attractive valuation and the appointment of a new CEO with a track record of commercializing innovative technology, presents a compelling case for a Buy rating with considerable upside potential.
Woo covers the Healthcare sector, focusing on stocks such as India Globalization Capital, Biolase, and Daxor. According to TipRanks, Woo has an average return of -11.5% and a 36.16% success rate on recommended stocks.
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Quantum Computing (QUBT) Company Description:
Quantum Computing, Inc. is a technology company, which focuses on developing novel algorithms and solutions utilizing quantum and quantum-inspired computing to solve difficult problems in various industries. It engages in the development and commercialization of quantum improvements in financial technology, beginning with an asset allocation system. The company was founded on July 25, 2001 and is headquartered in Leesburg, VA.
