Jefferies analyst Kevin Garrigan keeps a Buy rating and $45 price target on D-Wave Quantum (QBTS) after its Q1 results this morning. The company missed revenue expectations but demand for its technology is clear, and the firm sees an attractive set up for shares driven by a scalable dual-platform roadmap, system sales now tracking multiple per year, QCaaS mix shift toward larger sticky enterprises, and emerging commercial applications driving multiple vectors for growth, the analyst tells investors in a research note.
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