D-Wave Quantum price target lowered to $2 from $10 at Roth MKM

Roth MKM analyst Suji Desilva lowered the firm’s price target on D-Wave Quantum to $2 from $10 but keeps a Buy rating on the shares. The company represents a next-generation quantum computing service provider that enables advanced applications, while its Q4 results reflect continued sequential growth driven by steadily growing QCaaS platform revenue and increasing professional services development of customer quantum-advantaged applications, the analyst tells investors in a research note. The firm adds however that its D-Walve price target cut is due to a more modest revenue trajectory versus prior guidance coupled with the overall market impact on new issuer valuations, though it still leaves significant upside opportunity from current levels.