D-Wave Quantum Stock Climbs as BMO Turns Bullish, Sees 85% Upside
D-Wave Quantum (QBTS) shares rose 2% after BMO initiated coverage with an Outperform rating and $35 price target, suggesting 85% upside. Analyst Harsh Kumar highlights D-Wave's commercial revenue and broad quantum computing applications. The company reported $35.5M in bookings for H1 2026, up 1,120% YoY, but Q2 revenue was $3.1M, below estimates, with a $0.13 per share loss.
How this was made
The 30-second read
Why it matters
Analyst upgrade and aggressive price target are likely to trigger short‑term buying pressure.
Market read
The coverage change provides a clear catalyst for QBTS, making it a short‑term trade idea.
What to watch
Potential execution risk and limited cash runway could temper upside.
Background
BMO Capital's new coverage of D‑Wave Quantum follows a period of weak revenue but strong booking growth.
Ticker impact
BMO Capital initiated coverage with an Outperform rating and a $35 price target, implying ~85% upside, and disclosed a 1,120% YoY increase in bookings.
Potential upside of 70-90% if target is achieved.
Coverage change and aggressive price target typically drive buying pressure, especially for a micro‑cap with rapid booking growth.
Market effects
Highlights growing investor interest in quantum‑computing niche, may lift peer sentiment.
Limited to US micro‑cap and tech‑focused investors.
Minor; primarily affects niche quantum‑computing segment.
Counterpoint
Booking surge may not translate to revenue; high valuation risk for a loss‑making micro‑cap.
Key entities
- companyD‑Wave Quantum
Quantum computing hardware provider (NASDAQ: QBTS).
- analystBMO Capital
Investment bank that initiated coverage with Outperform rating.
