摩根士丹利将 Quantinuum 上调至增持并列为量子计算板块首选，但目标价从78美元下调至62美元，盘前涨约3.5%

Quantinuum ( QNT ) was in the spotlight on Thursday as Morgan Stanley upgraded shares of the quantum computing firm and named it its “top play” in the sector. Shares rose 4.6% in premarket trading. “Quantum computing could open a $100bn+ market by 2040, but different hardware approaches make companies hard to compare, and revenue is still too small to separate them,” Morgan Stanley analysts wrote in a note to clients. “We built our proprietary framework to judge each company on what it has demonstrated across four main areas: technical progress, execution, manufacturability, and broader indicators of progress. We weight technology most heavily today, because that is where the evidence is strongest and the differences between companies are clearest. Quantinuum stands out on technology and execution: it is furthest along among the pure plays and has the strongest execution record, yet the market assigns it the lowest multiple of our 2030 revenue in the group.” The analysts raised their rating on Quantinuum to Overweight from Equal-Weight but lowered their price target to $62 from $78. They also kept their Equal-Weight rating on IonQ  ( IONQ ) and initiated coverage on Infleqtion ( INFQ ) and Xanadu ( XNDU ) with Equal-Weight ratings. Delving deeper, Quantinuum has progressed the “furthest” among the quantum computing firms in the error-correction framework, and it also has the strongest execution record, the analysts said. “Yet today’s share price implies only about a 43% visibility factor for Quantinuum, the lowest in the group, against our 75% assumption. IonQ has a slight edge on manufacturability, which keeps its visibility factor close to Quantinuum’s, but the gap between our view and the market’s is far larger for Quantinuum,” the analysts explained. The release of Sol, Quantinuum's upcoming quantum computer, which is set to be released next year, is the company's next catalyst, which the timing of Apollo is the main risk, the analysts added.