D-Wave Quantum shares have fallen 40% year to date in 2026, making the stock the worst performer among its quantum computing peers.
Disappointing second-quarter results added to the decline. Revenue missed expectations, and GAAP earnings per share came in at -$0.13, below consensus estimates.
Rosenblatt Securities analyst John McPeake is maintaining a Street-high price target of $43. That implies potential upside of more than 170% from current levels.
The bullish case appears to depend on D-Wave successfully shipping its Q4 annealing systems on time. Those shipments could validate the optimistic outlook.