Shares of D-Wave Quantum (NYSE: QBTS) are jumping on Wednesday, up 10.5% as of 2:50 p.m. ET. The rise comes as the S 500 and Nasdaq Composite gained 0.7% and 0.5%, respectively.

D-Wave, a company developing quantum computing technology, is riding momentum in the broader quantum market as its stock receives a price target upgrade from a Wall Street analyst.

An analyst at the investment bank B. Riley Financial increased their price target for shares of D-Wave while maintaining a buy rating. The analyst increased the target price from $20 to $22 and signaled their confidence in its potential.

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Source Fool.com