Benchmark reinstated coverage of three quantum computing stocks on Monday, assigning Buy ratings to IonQ (IONQ), D-Wave Quantum (QBTS), and Rigetti Computing (RGTI) with price targets of $60, $30, and $25 respectively. The firm stated recent advances in quantum computing continue to validate the technology's commercial potential and support higher long-term valuations. Benchmark emphasized the sector remains in early commercialization stages and is unlikely to produce a single dominant winner, recommending investors adopt a diversified approach across multiple hardware architectures competing for adoption.
Benchmark Assigns Price Targets Implying 90%+ Upside
Benchmark's price targets of $60 for IonQ, $30 for D-Wave Quantum, and $25 for Rigetti Computing largely align with broader Wall Street 12-month averages and imply potential upside of over 90% for each stock, according to Koyfin data. The firm reinstated all three companies with Buy ratings.
According to research notes cited by TheFly, Benchmark stated it remains bullish on the quantum computing sector, noting that recent technological progress continues to strengthen the industry's long-term investment case. The analysts stated the sector is not a "winner-takes-all" situation, with multiple hardware architectures and approaches still competing for adoption.
QBTS, IONQ, RGTI Stocks Rally Following Buy Ratings
Rigetti Computing stock and IonQ shares both rose over 8% each on Monday, while D-Wave Quantum stock rallied over 16%. The price movements followed Benchmark's initiation of Buy ratings across all three quantum computing companies.
D-Wave Announces Expanded AT&T Partnership
D-Wave Quantum's gains came alongside the company announcing an expanded agreement with AT&T (T) to deploy its quantum computing technology across the telecom giant's network operations. The announcement occurred on the same day as Benchmark's ratings initiation.
Retail Sentiment Shifts Bullish on QBTS Stock
On Stocktwits, retail sentiment around QBTS stock flipped to bullish from bearish over the past day, with chatter rising to high from low levels. Platform data shows a nearly 500% increase in message volume in the last 24 hours.
Sentiment around RGTI stock rose to neutral from bullish territory over the past day, while sentiment around IONQ stock remained in the bullish zone. Both QBTS and RGTI ranked among the top trending tickers on Stocktwits at the time of writing.
FAQ
What price targets did Benchmark assign to quantum computing stocks?
Benchmark assigned a $60 price target to IonQ, $30 to D-Wave Quantum, and $25 to Rigetti Computing. These targets imply potential upside of over 90% for each stock according to Koyfin data.
Why is Benchmark bullish on quantum computing stocks?
Benchmark stated recent advances in quantum computing continue to validate the technology's commercial potential and support higher long-term valuations. The firm emphasized the sector remains early in its commercialization cycle with multiple hardware architectures competing for adoption, characterizing it as not a "winner-takes-all" situation.
How did retail investors react to D-Wave Quantum stock?
Retail sentiment around QBTS stock flipped to bullish from bearish over the past day on Stocktwits, with message volume increasing nearly 500% in 24 hours. The stock rallied over 16% on Monday following Benchmark's Buy rating and D-Wave's announcement of an expanded partnership with AT&T.
