D-Wave Quantum: Two Brokers Trim Price Targets While Keeping Buy Ratings as Sector Slips
Published on 11/13/2026 at 22:11 | Editorial boerse-global.de
D-Wave Quantum shares fell 4.1% on Wednesday, caught in a broad pullback across quantum computing names that also dragged down IonQ, Rigetti Computing and Quantum Computing Inc. The stock was quoted at EUR 8.55. The move came as mixed recent quarterly results and sector-wide selling weighed on the investment case — a day of softer price targets layered on top of a funding story that still carries conditions.
Two research houses cut their targets on Wednesday while leaving their buy ratings untouched. Jefferies lowered its price target to $33 from $40, and Canaccord Genuity trimmed its own to $31 from $35. Craig-Hallum went further, slashing its target to $18 from $40 while also keeping a buy recommendation. Other analysts also pulled back their targets.
The pattern is the same across the board: continued optimism, but at a lower price. A buy rating sounds unambiguous; paired with a target cut, it paints a more nuanced picture. What speaks for D-Wave is the persistence of that analyst optimism — what speaks against it is the lower targets set against still-high valuation expectations.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
Revenue Grows, Bookings Slip
The quarterly figures explain part of the caution. D-Wave reported Q3 2026 revenue of $4.5 million on Tuesday, up 21% year over year. Bookings moved the other way, coming in at $1.9 million for the quarter — 19% below the prior-year figure.
Over the first nine months, bookings totaled $37.4 million, a 611% increase, according to company statements. The quarterly decline therefore sits alongside a sharp gain over the longer reporting period. Remaining performance obligations stood at $38.3 million as of September 30.
Funding Comes With Strings
Government support offers a concrete prospect — provided the company meets specified milestones and conditions. For investors, the phrase "up to" belongs to the news just as much as the conditions do. How much of the announced arrangement actually turns into financial backing depends on whether those requirements are fulfilled.
That tension defines the quantum theme more broadly: backing for the technology collides with more cautious expectations on the stock market. Neither the funding agreement nor the buy ratings should be taken as a standalone yardstick. Both sides count together — delivery on the funding conditions and the willingness of analysts to stand behind their valuation assumptions. That is the measure against which D-Wave's optimism will have to prove itself.
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