Evercore ISI analyst Mark Lipacis lowered the price target on D-Wave Quantum Inc. (NYSE: QBTS) to $37.00 (from $42.00) while maintaining a Outperform rating.

The analyst comments "Reiterate Outperform, Larger System Sales Pipeline. We reiterate our OP rating with slightly lowered PT of $37 (from $42) reflecting 36x P/E on our 2035 EPS power of $2.41 discounted back 9yrs. We expect QBTS to move towards that target as it scales its quantum systems and attracts larger commercial customers. On the systems front, management expects to book 2-to-3 quantum annealing systems in 2026 (one likely to be commercial – possibly Postquant Labs) and moving forward annually (with revenue recognition for 2 in 2026), and as a result is planning to make investments in 2027 towards expanding the company’s manufacturing capability (space, labor, long-lead time equipment & materials). And on the QCaaS front, the $10m enterprise deal has upside potential with up to 10 total use-cases being explored for potential future production environments beyond the initial one ramping now."