Harsh Kumar, an analyst from Piper Sandler, reiterated the Buy rating on D-Wave Quantum (QBTS – Research Report). The associated price target is $2.00.
Harsh Kumar has assigned a Buy rating to D-Wave Quantum’s stock, QBTS, due to a variety of reasons. Firstly, despite the company’s results falling slightly below expectations for the 2023 third quarter, QBTS has shown promising signs of growth. Notably, total bookings for the quarter increased by over 53% annually, indicating a continued large-scale adoption of quantum computing. Furthermore, the average deal sizes from commercial customers have also seen a significant annual increase of 172%, suggesting a strong demand for the company’s services.
In addition, the company’s management has noted a decline in sales cycles across their engagements, with initial wins translating to sales quicker. This suggests a more efficient sales process. D-Wave Quantum has also reiterated its unique position in the market as the only viable commercial solution for annealing-based quantum computing problem solving. This is supported by years of trade secret development and unique patents. Lastly, the company’s revenue, although below estimates, showed a substantial annual growth of 51%. These factors collectively led Harsh Kumar to recommend a Buy rating for D-Wave Quantum’s stock.
According to TipRanks, Kumar is a top 100 analyst with an average return of 21.8% and a 66.19% success rate. Kumar covers the Technology sector, focusing on stocks such as Nvidia, ON Semiconductor, and Apple.
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D-Wave Quantum (QBTS) Company Description:
DPCM Capital Inc is a blank check company.
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