Though this quantum computing leader will have short-term losses, the stock could double as the company scales its operations.
Piper Sandler called D-Wave Quantum a unrivaled leader in quantum computing that is poised to thrive in what will likely become a multibillion dollar market. Analyst Harsh Kumar initiated the stock at overweight with a price target of $12, which would provide an upside of just under 130% over its last closing price.
However, he did note some countries have quantum computing programs and there are other companies looking to get into annealing. Kumar also pointed to data showing more than 80% of companies have quantum in mind within the next three years, with nearly 40% experimenting with the technology today, to illustrate corporate interest in D-Wave's business. Read more The perils and promise of quantum computing are nearing.
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