Shares of D-Wave Quantum Inc. (QBTS) are soaring in pre-market trading on Monday, jumping 8.44% as investors react to a bullish analyst report. The quantum computing company's stock has caught the attention of Wall Street following a significant price target increase from a top analyst.

According to recent reports, a leading analyst has raised the price target for D-Wave Quantum, signaling increased confidence in the company's growth prospects. While the specifics of the new price target were not immediately available, such moves typically reflect an analyst's optimistic outlook on a company's future performance and potential market value. This positive sentiment appears to be driving the strong buying interest in QBTS shares.

The latest surge adds to D-Wave Quantum's impressive performance over the past year. The stock has witnessed a staggering 1,281% increase over the last 12 months, highlighting growing investor enthusiasm for quantum computing technologies. As the quantum computing sector continues to evolve, D-Wave Quantum's position as a key player in this emerging field seems to be attracting both institutional and retail investor interest, potentially setting the stage for further gains.