D-Wave Quantum (QBTS) shares climbed over 12% on Monday.
Mizuho Securities analyst Vijay Rakesh raised the price target to $35 from $29. The firm reiterated its Outperform rating on the stock.
The update followed the company’s inaugural analyst day presentation. Rakesh cited D-Wave’s roadmap for developing fault-tolerant gate-based quantum computers.
The analyst projected a total addressable market between $450 billion and $850 billion by 2040. Mizuho also noted a favorable long-term margin outlook for the company's business segments.