Mizuho analyst Vijay Rakesh raised his price target on D-Wave Quantum (NYSE: QBTS) to $35 from $29 and maintained an Outperform rating, signaling he expects the stock to beat the broader market.
The upgrade note landed on Monday, sending QBTS rallying roughly 13% to close near $26.71, with shares trading around $23 when the call was initially published.
Rakesh’s revised target implies approximately 50% upside from the level at which the stock was trading when the note was released.
The call carries considerable weight given Rakesh’s standing, as he ranks fourth out of more than 12,300 analysts tracked by TipRanks, with a 73% success rate.
Rakesh pointed specifically to D-Wave’s established lead in annealing technology and its stated roadmap toward fault-tolerant, gate-based quantum machines as key drivers of his bullish view.
D-Wave holds a unique position in the quantum computing industry as the only company currently selling two distinct types of quantum computers, combining annealing systems with its longer-term gate-based development plans.
Its annealing systems are purpose-built for complex optimization problems, such as calculating the most efficient delivery route across thousands of locations, a use case with real commercial demand today.
D-Wave entered the week down approximately 11% year to date and sitting roughly 50% below its 52-week high of $46.75, making it one of the weaker performers among major quantum pure-plays in 2026.
IonQ has been the standout in the sector as the only major pure-play quantum stock holding a positive 2026 return, while Rigetti has tracked D-Wave closely as a fellow laggard and newly public Quantinuum has raised the bar on sector valuation.
The bull case for QBTS rests on a record order book, a strong cash position, and the backing of a top-ranked analyst who believes the market is underpricing the company’s development roadmap, with Wall Street’s average rating still sitting at “Strong Buy.”
Risks remain significant, however, including the company’s wide gap between bookings and recognized revenue, routine single-day price swings of 10% to 15%, and a $100 million federal equity stake that ties the balance sheet to government decisions outside D-Wave’s control.
The bear case is straightforward: the company generates very little revenue today and trades primarily on expectations for commercial quantum computing breakthroughs expected in the 2030s.
The most immediate test of Mizuho’s thesis will come at D-Wave’s next earnings report, where investors will be watching closely to see whether bookings begin converting meaningfully into recognized sales.
