D-Wave Quantum: Two Brokers Trim Price Targets, One Buy Rating and a Bookings Line That Splits the Quarter From the Year
Published on 11/15/2026 at 14:41 | Editorial boerse-global.de
Two analysts cut their price targets on D-Wave Quantum this week while keeping their buy ratings intact, a split verdict that mirrors the company's own third-quarter report — one set of numbers pointing backward, another pointing forward.
Stifel lowered its target to $23 from $35 on Wednesday, and Jefferies analyst Kevin Garrigan trimmed his to $33 from $40. Both maintained buy-equivalent recommendations. StoneX reaffirmed its buy rating the same day, and Wedbush restated its "Outperform" call following the results, flagging the expected system delivery to Florida Atlantic University as a potential growth driver for the fourth quarter.
The shares slipped 2.8% on Friday to close at €8.66, extending a retreat that began after the Tuesday release.
A Quarter That Went the Wrong Way
The headline numbers from Q3 2026 are a study in divergence. Revenue rose 21% year over year to $4.51 million. The adjusted EBITDA loss, however, widened 83% to $37.7 million, and the adjusted loss per share came in at $0.13 — worse than the $0.10 consensus forecast.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
Bookings for the quarter told a similar story: $1.9 million, down 19% from a year earlier.
The Nine-Month Picture Looks Nothing Like It
Zoom out, and the trajectory reverses. For the first nine months of 2026, D-Wave reported bookings of $37.4 million — a jump of 611% over the prior-year period. Remaining performance obligations as of September 30 stood at $38.3 million, up 1,221% year over year.
That gap between a soft quarter and a surging year is the crux of the bull case the analysts are still making. The order book, in other words, is filling faster than any single three-month window suggests.
D-Wave Quantum at a turning point? This analysis reveals what investors need to know now.
What to Watch
Wedbush's note points to the Florida Atlantic University system delivery as the next catalyst, with the fourth quarter serving as the test of whether the annual bookings momentum carries through to revenue. For now, the brokers are holding their ratings and letting the targets do the adjusting.
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