Benchmark Raises PT for D-Wave Quantum (QBTS), Keeps Buy Rating

D-Wave Quantum Inc. (NYSE:QBTS) is one of the 12 Best Performing Stocks in the Last 6 Months. On June 18, Benchmark increased its price target on D-Wave Quantum Inc. (NYSE:QBTS) from $14 to $20 while keeping a “Buy” rating.

This decision came after the company announced that it had signed a memorandum of understanding with South Korea’s Yonsei University and Incheon Metropolitan City to accelerate quantum computing adoption in the country.

A close up of an engineer typing at a quantum computing station in a modern office space.

Benchmark analysts see this strategic initiative as a significant step that sets the stage for D-Wave Quantum Inc. (NYSE:QBTS) to sell and install an Advantage2 quantum system in South Korea.

Although the memorandum is nonbinding, it clearly states that the parties will make collaborative efforts to acquire a D-Wave Advantage2 system at Yonsei University International Campus. This could represent a potential double-digit million-dollar revenue opportunity for the company.

Additionally, this move also helps D-Wave Quantum Inc.’s (NYSE:QBTS) strategy in South Korea. Benchmark sees South Korea as a “key, tech-forward market” for the quantum computing company.

D-Wave Quantum Inc. (NYSE:QBTS) specializes in the development and delivery of quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers.

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Disclosure: None. This article is originally published at Insider Monkey.