Shares of D-Wave Computing (QBTS) are set to open more than 2% higher Wednesday morning after Cantor Fitzgerald initiated coverage with a Strong Buy rating.
Every analyst currently covering QBTS now has the stock rated Buy or Strong Buy, placing it firmly at the top of Wall Street’s quantum computing leaderboard.
Technically, QBTS has spent the last month in an orderly correction, pulling back about 25% from its May highs near $19. Now trading around $15, the stock is starting to attract renewed buying interest, with both volume and price action turning positive.
This morning’s analyst coverage could provide the fuel for a bullish breakout back toward the $20 level.
Both the 50-day and 200-day moving averages remain in strong uptrends, indicating that momentum remains on the side of the bulls.
Bottom line: A decisive break above $16 would trigger the next leg of this rally and could send D-Wave shares toward new all-time highs above $20.
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