D-Wave Quantum (QBTS – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst David Williams from Benchmark Co. remains neutral on the stock and has a $2.00 price target.
David Williams issued his Buy rating on D-Wave Quantum’s stock after taking into account the company’s recent demonstration of significant advancements in quantum computing. Through an Analyst Day event at their headquarters, D-Wave showcased their R&D achievements, inclusive of their Leap platform and Ocean developer tools, which Williams perceives as the leading comprehensive solution in the market. Moreover, the meeting with D-Wave’s team and its customers underscored the practical benefits and value derived from the company’s technology, suggesting a substantial shift towards the commercialization of quantum computing. With over 70 commercial customers and various applications already in production, there’s an indication of growing adoption and value creation, reinforcing Williams’ confidence in the company’s prospects.
The second part of Williams’ optimism lies in the technical advancements of D-Wave’s new Advantage2 prototype. The prototype promises a significant performance increase and moves the company closer to achieving quantum supremacy. The expected development of the Advantage2 to 7,000 qubits could lead to exponential performance enhancements and the ability to solve much more complex problems. Additionally, the company’s strategic pivot towards industries where quantum annealing can have profound impacts, paired with the inclusion of quantum annealing in government funding programs, further solidifies the potential for widespread application and scalability of D-Wave’s technology. Williams’ Buy rating is thus grounded in both the commercial and technical progress of D-Wave Quantum.
In another report released on January 25, Craig-Hallum also maintained a Buy rating on the stock with a $1.75 price target.
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D-Wave Quantum (QBTS) Company Description:
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