Shares of Quantum Computing Inc. (QUBT) surged 5.99% in Thursday's pre-market trading session following a bullish initiation from Lake Street Capital Markets. The analyst firm started coverage of the quantum computing company with a Buy rating and set an ambitious price target of $24, signaling strong confidence in the company's future prospects.

Lake Street analyst Max Michaelis cited Quantum Computing Inc.'s strategic positioning and technological advancements as key factors justifying the positive outlook. The company, which specializes in integrated photonics and quantum optics for quantum computing applications, is seen as a "compelling way to participate" in the emerging quantum computing sector.

This upbeat analyst view comes amid a broader rally in quantum computing stocks, with several companies in the sector seeing notable gains. The positive sentiment appears to be driven by growing investor interest in quantum computing as a potentially transformative technology, following recent breakthroughs and endorsements from major tech players.

Despite the day's significant stock price increase, it's worth noting that Quantum Computing Inc. still faces challenges. The company reported revenue of just $61,000 in the second quarter, down from $183,000 in the same period last year. With a market capitalization now exceeding $2.7 billion, the stock's valuation relies heavily on future growth expectations rather than current financial performance.