Quantum computing stocks caught a bid Tuesday after Jefferies stepped in with fresh coverage and a bullish stance on two of the sector’s biggest retail favorites.
Shares of IonQ $IONQ ( ▼ 7.69% ) climbed more than 6%, while D-Wave Quantum $QBTS ( ▼ 6.74% ) rose nearly 5%, after Jefferies initiated both with buy ratings and aggressive price targets. IonQ received a $100 target, while D-Wave landed at $45. Not everyone made the cut. Rigetti Computing $RGTI ( ▼ 6.22% ) , which Jefferies started at hold with a $30 target, traded slightly lower.
A Vote of Confidence After a Brutal Pullback
The timing is notable. IonQ, D-Wave, and Rigetti are all still down roughly 40% to 60% from their October all-time highs, casualties of the broader unwind in speculative AI and future-tech trades. That drawdown appears to be part of what attracted Jefferies.
The firm is effectively betting that the selloff went too far, too fast, especially in companies that are viewed as early leaders in quantum hardware and systems. D-Wave, in particular, already enjoys rare Street unanimity. All 13 analysts covering the company currently rate it a buy or equivalent. IonQ is not far behind, with about 75% of analysts recommending the stock.
Retail Territory Shows Signs of Life
The move also stands out because it runs counter to the broader tape. Many high-beta, AI-adjacent names continue to struggle as investors rotate toward profitability and cash flow. Quantum, long considered one of the most speculative corners of the market, is suddenly showing relative strength.
That matters because these stocks are heavily owned and traded by retail investors, who tend to move as a pack. A well-known Wall Street firm initiating coverage with eye-catching upside targets can act as a spark, even in a cautious market.
For now, quantum is reminding investors that while most speculative trades are still licking their wounds, a few pockets are trying to wake up again.