Quantum computing stocks in focus as Wedbush cuts price targets

Quantum computing stocks were in focus on Thursday as Wedbush Securities cut its price targets on several names.

The investment firm lowered its price target on IonQ IONQ, Rigetti Computing RGTI, and D-Wave Quantum QBTS to $50, $25, and $30 from $75, $37, and $37, respectively. Analyst Matt Bryson said he cut the price targets due to lower growth assumptions for 2027 and 2028 and recent developments, including IonQ's equity raise last month.

“We head into quantum 3Q26 earnings with the group well off its September highs (IONQ, QBTS, RGTI, QUBT, and INFQ are down ~25% to ~40% since 9/28), as dilution 4Q-weighted revenue, and AI-agedon appear to have weighed on sentiment,” Bryson wrote in a note to clients. “Fundamentally, our QWC view that fault-tolerant timelines are pulling forward remains intact. Into the prints, we would note: 2026 technical milestones remain the key variable, and INFQ is so far the only name in our coverage to have delivered its 2026 target (30 logical qubits). Federal support remains a tailwind, with DOE Quantum Genesis Q Competition selections expected no earlier than 11/13, CHIPS awards finalized for QBTS and RGTI (INFQ still pending), and IONQ in the final stage of DARPA’s QBI. AI-accelerated R&D is a growing theme, with one QC executive recently telling us the latest AI models are materially improving error detection and correction.”

Bryson still has an Outperform rating on IonQ, D-Wave, Rigetti, and Infleqtion INFQ, and a Neutral rating on Quantum Computing.

“We see INFQ as the clearest technical executor this year and IONQ as the scale leader, while QBTS and RGTI offer the most upside to our new PTs,” Bryson added.

IonQ is set to report third-quarter results after the close of trading on Thursday, while the others report quarterly results later this month.