Shares of Quantum Computing Inc. (QUBT) soared 5.06% in pre-market trading on Friday, as investors reacted positively to a significant analyst upgrade. The stock's upward movement comes as the broader market anticipates the opening bell.

The catalyst for this surge appears to be a substantial target price increase from Ascendiant Capital Markets. The firm raised its price target for Quantum Computing Inc. to $40 from the previous $22, nearly doubling its valuation expectations for the company. This bold move by Ascendiant Capital Markets signals strong confidence in QUBT's future prospects and potential for growth in the quantum computing sector.

Quantum Computing Inc. is at the forefront of developing quantum-ready software and hardware solutions. The dramatic increase in the analyst's target price could reflect growing optimism about the company's technology advancements or potential market opportunities. As quantum computing continues to gain traction in various industries, QUBT's stock may attract more attention from both investors and industry observers. However, as with any pre-market movement, it remains to be seen how the stock will perform once regular trading begins.