D-Wave Quantum (QBTS), a quantum tech firm that sells quantum systems and cloud-based quantum tools, continues to receive strong support from Wall Street following its Q1 report.
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Double your QBTS exposure with Tradr's QBTXMizuho Securities top analyst Vijay Rakesh reiterated a Buy rating on D-Wave and set a $29 price target. Another top analyst who’s bullish on QBTS stock is Needham’s Quinn Bolton, who kept a Buy rating on the stock with a $40 price target.
Bolton’s view is based on D-Wave’s better growth setup, even though Q1 sales came in below the Street’s view. He noted that D-Wave plans to launch a 17-qubit gate-based system by the end of 2026. He also pointed to strong early demand for both on-site systems and quantum computing as a service.
Further, D-Wave’s system sales pipeline appears to be accelerating. The company now sees 2 to 3 system sales per year, up from its past view of just one. Still, sales may remain uneven, since large system deals can shift from one period to the next.
Meanwhile, QBTS shares dropped 4.07% on Wednesday, closing at $21.44.
Analysts Look Past the Revenue Miss
Other firms also stayed upbeat. TD Cowen’s top analyst, Krish Sankar, kept a Buy rating, while Cantor Fitzgerald’s five-star analyst, Troy Jensen, reiterated a Buy rating and a $40 price target. Meanwhile, Jefferies’ four-star analyst, Kevin Garrigan, kept a Buy rating and a Street-high $45 price target.
Garrigan said D-Wave missed revenue views, but demand for its tech is clear. The firm sees a good setup for the stock, helped by a wider product path, more system sales, a shift toward larger enterprise clients, and new real-world use cases.
D-Wave also gave a more upbeat view of its near-term path. On the call, management said Q2 revenue is “likely up modestly” from Q1. It also said a large share of 2026 revenue should come in the second half of the year as systems are sent to clients.
To be sure, risks remain. Q1 revenue fell, costs rose, and the firm still posts losses as it spends on growth and research. However, Wall Street seems focused more on the order book, the larger sales pipeline, and D-Wave’s push to build a broader quantum tech base.
Overall, analysts appear to see the Q1 report as a mixed but still useful sign. Sales were light, yet bookings, backlog, and client demand gave bulls enough reason to stay with the stock.
Is QBTS Stock a Good Buy Now?
On the Street, D-Wave Quantum has a Strong Buy consensus rating based on 13 analyst ratings, comprising 12 Buys and 1 Hold. The average QBTS stock price target is $36.55, indicating about 70% upside from the current price.
