Mizuho Raises D-Wave Quantum (NYSE: QBTS) Stock Price Target To $35, Sees 50% Upside As Market Underprices Roadmap
Mizuho analyst Vijay Rakesh raised his D-Wave Quantum (QBTS) price target to $35 from $29 and kept an Outperform rating, citing the company’s annealing leadership and its roadmap toward fault-tolerant, gate-based quantum machines. After the note on Monday, QBTS rose about 13% to ~$26.71. The target implies ~50% upside from the note’s initial trading level.
The note provides a fresh, time-sensitive bullish catalyst (new PT) and frames the stock as underpricing its roadmap, with the next earnings report flagged as the validation point.
Mizuho raised D-Wave’s price target to $35 from $29 and reiterated Outperform, citing its annealing lead and fault-tolerant roadmap.
Near-term: support for momentum/positioning given the ~13% rally cited; medium-term: direction depends on whether bookings convert into recognized revenue at the next earnings.
Background
The piece frames D-Wave as the only seller of two quantum computer types (annealing now, gate-based roadmap longer-term) and notes it has lagged other quantum pure-plays in 2026.
Why it matters
A raised PT ($35 vs $29) and Outperform reiteration can influence short-term positioning, but the article itself stresses the next earnings report as the key test for whether bookings convert into recognized sales.
Market relevance
Traders get a fresh PT update and a roadmap-based thesis, with near-term momentum already reflected in the cited ~13% rally and a clear upcoming fundamental checkpoint (next earnings).
Market effects
Reinforces a “quantum underpricing” narrative for pure-plays, potentially supporting relative flows into other quantum names on optimism about roadmap monetization.
Limited; primarily a US small/mid-cap sentiment read-through rather than a broad macro/regional driver.
Low; quantum computing remains niche and the article is analyst-driven rather than a global policy/product event.
Alternative perspectives
The bull case leans heavily on expectations for fault-tolerant, gate-based machines in the 2030s, while current revenue is described as minimal—so the PT may be more narrative than near-term fundamentals.
The article highlights a wide gap between bookings and recognized revenue and a federal equity stake tied to government decisions—both could delay the roadmap-to-cash conversion the upgrade assumes.
Key entities
- companyD-Wave Quantum
Subject of the upgrade; annealing systems today plus a roadmap toward fault-tolerant, gate-based quantum machines.
- analystMizuho analyst Vijay Rakesh
Raised QBTS price target to $35 from $29 and maintained Outperform, citing roadmap underpricing.
