Quantum computing stocks are on fire, driven by a powerful combination of retail investor sentiment and strong government support, which is pushing the sector higher. One analyst is also going all in on quantum stocks.
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B. Riley analyst Craig Ellis raised his quantum sector price targets on Monday, noting that the industry's technological advancements and commercial achievements are moving faster than even the firm’s earlier optimistic outlooks.
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IonQ
Ellis highlighted IonQ, Inc. (NYSE:IONQ) as the revenue growth leader of the quantum sector with 100% growth in each of the last three years.
The analyst pointed to the company's strategic acquisitions, particularly Oxford Ionics, as a massive improvement in computing power.
B. Riley maintained a Buy rating on IonQ shares and raised the price target from $75 to a Street-high of $100.
Rigetti Computing
Ellis raised the price target on Rigetti Computing, Inc. (NASDAQ:RGTI) from $19 to $35 while maintaining a Buy rating on the stock.
The price hike coincided with Rigetti's $5.8 million U.S. Air Force contract win for quantum networking development.
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D-Wave Quantum
Ellis maintained a Buy rating on D-Wave Quantum, Inc. (NYSE:QBTS) and raised the price target from $22 to $33, representing a more than 20% potential upside.
The research note highlighted a 50% price target increase, expressing confidence in D-Wave's prospects and its leadership in the quantum-computing sector.
Key Takeaways
B. Riley's sector commentary highlighted the industry's progress and regulatory support as key factors accelerating the commercialization of quantum computing technology.
The firm also sees clear signs that what was once considered a frontier scientific field is quickly evolving into a sector with practical commercial capabilities.
Given the recent performance of quantum stocks, it appears that investors also see potential commercial success ahead.
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