D-Wave Quantum Inc.

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D-Wave Quantum Inc. stock analysis QBTS overview
Somewhat Bearish -25

D-Wave, IonQ and Rigetti's price targets cut at Mizuho

📉 Mizuho Securities reduced price targets for three quantum computing stocks: D-Wave (QBTS), IonQ (IONQ), and Rigetti (RGTI).

💰 D-Wave's price target was lowered from $40 to $31, reflecting a 27.5% decrease.

🔗 Rigetti Computing's price target was cut from $43 to $33, marking a 23% reduction.

🧬 IonQ's price target decreased from $80 to $61, representing a 23.75% decline.

⏱️ Despite the cuts, Mizuho maintained its "Outperform" rating on all three companies.

🤔 The firm adjusted targets based on updated financial forecasts while retaining long-term optimism.

💼 Analysts view the early-stage growth potential of these companies as still possessing significant upside.

🧠 IonQ is highlighted as a leader in trapped ion quantum computing with strong projected market share.

⚡ Rigetti focuses on superconducting technology and scaling its qubit count for hardware advancement.

🌊 D-Wave leverages a dual modality approach to maintain its position as a first-mover in the sector.

💰 All three companies are considered well-capitalized with robust market growth assumptions supporting their outlook.

🏦 The analysis emphasizes that despite short-term target reductions, the long-term investment thesis remains intact.

📅 This news report was published on April 7, 2026, by Seeking Alpha News Editor Ravikash Bakolia.

Bullish Signals
  • Mizuho maintained its Outperform rating on all three quantum computing stocks (D-Wave, IonQ, and Rigetti) despite cutting price targets.
  • Analysts see continued early-stage growth potential and major upside for these companies due to robust market growth assumptions.
  • IonQ is positioned as a leader in trapped ion quantum computing with large projected market share, fast revenue and margin growth, and benefit from in-house foundry operations.
  • Both Rigetti and D-Wave are seen as well-capitalized with significant upside potential driven by their strategic positioning in the quantum computing market.
  • D-Wave leverages its dual modality approach as a first-mover advantage in the industry.
Risk Factors
  • Mizuho analyst firm downgraded the price targets for all three companies—D-Wave Quantum (QBTS), IonQ (IONQ), and Rigetti Computing (RGTI)—indicating a reduction in near-term valuation expectations.
  • D-Wave's price target was specifically cut to $31 from a previous level of $40, representing a significant downward revision.
  • Rigetti's price target was reduced to $33 from $43, reflecting bearish sentiment around its superconducting technology strategy.
  • IonQ saw the steepest multiple reduction with its price target lowered to $61 from $80 despite being viewed as a market leader.
  • The price cuts were driven by updated forecasts rather than changes in ratings, suggesting fundamental concerns about future growth rates or profitability assumptions.
  • Even though Mizuho maintained an Outperform rating on all three stocks, the simultaneous downward revisions signal broader skepticism within the sector.
Full Analysis
Mizuho has reduced its price targets for three prominent quantum computing stocks, including D-Wave Quantum (QBTS), IonQ (IONQ), and Rigetti Computing (RGTI), though the bank maintained its "Outperform" rating on all three equities. The firm lowered D-Wave's target to $31 from a previous $40, cut Rigetti's to $33 from $43, and reduced IonQ's target to $61 from $80. Despite these downward adjustments in valuation expectations, Mizuho continues to see long-term optimism for the sector, noting that the companies are well-capitalized and possess significant upside potential driven by robust market growth assumptions. The analyst firm adjusted its targets based on updated forecasts while emphasizing that the early-stage growth trajectories of these quantum computing leaders remain compelling. According to Seeking Alpha's analysis, Mizuho believes the companies are positioned for major upside due to their strategic technological approaches; IonQ is highlighted as a leader in trapped ion technology with projected market leadership, strong revenue and margin growth, and an advantage from in-house foundry operations. Meanwhile, Rigetti continues to focus on superconducting technology and scaling qubit count, while D-Wave leverages its status as a first-mover with a dual modality approach. Although the price target revisions may reflect short-term valuation recalibrations, Mizuho's decision to retain "Outperform" ratings suggests confidence in the long-term prospects of the quantum computing industry. The firm maintains that these companies face substantial growth opportunities, particularly given the robust assumptions regarding market expansion in the coming years. Investors should monitor how these companies execute their technological strategies and whether future earnings or technological milestones can justify or potentially reverse the revised price targets.