D-Wave Quantum Inc. (QBTS) PT Lowered to $29 at Mizuho

Mizuho analyst Vijay Rakesh lowered the price target on D-Wave Quantum Inc. (NYSE: QBTS) to $29.00 (from $31.00) while maintaining a Outperform rating.

The analyst commented: "QBTS reported MarQ rev of $2.9M (cons. $4.1M), noted gaining traction with expanding order pipeline. Key points: 1) MarQ bookings at ~$33.4M, up 149% q/q, with a $20M system purchase from FAU and a $10M 2Y QCaaS agreement with a Fortune 100 Co. and RPO now at $42M, 2) gate and annealing roadmaps, with 17-qubit (Q) system coming YE-2026E and 175Q by 2028E, scaling to 10/100 logical qubits by 2030E/2032E, while Advantage3 annealing QC in development with testing pending, with QBTS noting QCI deal closed as it reiterated its roadmap for 175 physical qubit dual-rail system by 2028E, and 3) QBTS announced a new hybrid solver SW to help customers incorporate ML models into optimized workflows. Reiterate Outperform, adjust estimates and PT to $29 from $31 as we see QBTS well-positioned as the only dual-modality QC platform. QBTS will host an Analyst Day on June 1 in NYC."

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