The promise of quantum computing is potentially endless for technology and humanity. And the company, or companies, that win at quantum computing could become the next greatest megatrend winners. Now they just have to deliver. Piper Sandler and Rosenblatt have already earmarked D-Wave Quantum Inc. (NASDAQ: QBTS) as a quantum computing winner. Now the two firms are looking for even more upside for investors.

Piper Sandler’s Harsh Kumar already rated QBTS as Overweight, but now he has raised his price target to $22 from $13. This implies 28% upside from the prior $17.17 closing price if the thesis plays out.

Rosenblatt Securities’ Kevin Garrigan reiterated a Buy rating and $30 price target for QBTS. Two additional analyst calls were seen as well. Roth MKM and Needham & Co. both reiterated their Buy ratings with $20 price targets.

Tactical Bulls always warns readers that analyst calls should never be the only reason to buy or sell a stock. And multiple upgrades and or price target hikes does not merit any guarantees that the stock will rise ahead. Some stocks even fall due to profit taking and digesting big moves, even on good news.

Piper Sandler noted that the company’s June earnings report showed revenues slightly above expectations. And for D-Wave itself, the company is benefiting from the availability of its Advantage2 system along with a general quantum computing traction which came online in the June quarter.

These analyst calls are after the post-earnings headlines noted an “earnings miss” with continued negative earnings per share while revenues (up 42% to $3.1 million) were slightly ahead of expectations. Wall Street’s consensus estimate is $24.6 million in revenues for 2025, followed by a consensus of $38.4 million in 2026 revenues.

And for an additional warning in the case of QBTS, please keep in mind that this stock’s market cap is $5.5 billion and it is up just over 100% YTD and up more than tenfold from a year ago. D-Wave Quantum also has a 52-week range of $0.78 to $20.56.

There may be an additional icing on the cake in the long-term potential for D-Wave… but may not be so hot for long-term cryptocurrency investors in Bitcoin and other blockchain trades. Barron’s has just published a view that hackers stand to gain a major advantage over the crypto industry using quantum computing to tackle the likes of Bitcoin. D-Wave Quantum was named specifically in the article.