D-Wave Quantum Inc. (QBTS) stock surged 7.82% on Tuesday, outperforming the broader market amid renewed optimism in the quantum computing sector. The rally was fueled by positive analyst ratings and the company's efforts to highlight the current capabilities of its quantum technology.
The stock's upward trajectory followed comments from several high-profile industry figures, including Meta Platforms CEO Mark Zuckerberg and Nvidia CEO Jensen Huang, who expressed skepticism about the near-term usefulness of quantum computing. However, D-Wave Quantum CEO Alan Baratz strongly refuted these statements, emphasizing that the company's quantum computers are already solving real-world problems for customers.
Analysts at B. Riley Financial reiterated their "Buy" rating on QBTS and raised the price target from $4.50 to $9.00, citing the company's potential in the quantum computing market. Benchmark also maintained its $8.00 price target and "Buy" rating, with analysts noting the first customer purchase of D-Wave's Advantage quantum computer as validation of accelerating market demand.
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