D-Wave Quantum price target raised to $20 from $14 at Benchmark

Benchmark analyst David Williams raised the firm’s price target on D-Wave Quantum (QBTS) to $20 from $14 and keeps a Buy rating on the shares after D-Wave announced the signing of a memorandum of understanding with South Korea’s Yonsei University and Incheon Metropolitan City to accelerate quantum computing adoption. The firm views this MOU, while non-binding, as “a significant strategic step that validates D-Wave’s technology on a global stage” and, most importantly, establishes a clear framework for the future sale and installation of an Advantage 2 quantum system. The acquisition of a system represents a potential double-digit million-dollar revenue opportunity as well as “anchoring D-Wave’s ecosystem strategy in a key, tech-forward market,” the analyst tells investors.