Needham raised the firm’s price target on D-Wave Quantum (QBTS) to $20 from $13 and keeps a Buy rating on the shares. The firm cites growing industry momentum for the target increase. Momentum in the quantum computing industry has continued to build since Needham’s last industry report published on January 27, the analyst tells investors in a research note. Needham believes DARPA’s Quantum Benchmarking Initiative and progress in Congress of the Department of Energy Quantum Leadership Act on 2025 are two key items to watch. Should the bill be signed into law, the firm expects a significant increase in U.S. government funding for quantum computing research.
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