Rigetti Computing gains as Benchmark raises price target to a new Wall Street high of $50
Rigetti Computing is advancing in premarket trading after Benchmark analyst David Williams more than doubled his price target on shares of the quantum computing company to $50 from $20.
He cited the company’s recent announcement of two systems sales and a contract with the Air Force Research Laboratory as proof points on Rigetti’s execution that justify his bullish call.
Williams wrote that the “combination of government grants and public hardware sales signal increasing confidence in its technical roadmap and strategic positioning within the broader quantum computing ecosystem,” adding that “recent hardware sales are a significant validation of public adoption momentum beyond academia and government funded research and development initiatives.”
Among the seven analysts who cover the stock and are tracked by Bloomberg, Williams is the only one who has a price target higher than where the stock is currently trading — despite all seven having a “buy” rating!
Per Williams:
“Rigetti’s vertically integrated model, strong IP portfolio, and strategic ecosystem partnerships provide meaningful differentiation, positioning the company to compete effectively against much larger peers such as IBM and Google.”
“While management views that full-scale commercialization as several years out, from our perspective, Rigetti has one of the most defensible and scalable paths forward, supported by its patented chiplet and I/O architecture, which should accelerate progress toward quantum advantage.”
Quantum stocks have been on fire lately, first on a smattering of company-specific news, second on rumors of looming government support for the industry that paid off when the Trump administration called the technology an R&D priority, and more recently, mostly on thin air as their momentum continues.
“For now, momentum remains on the side of investors, and as long as the industry continues to deliver measurable technical and commercial progress, we believe the quantum theme should remain resilient, even amid broader market volatility,” Williams concluded.
“Rigetti’s vertically integrated model, strong IP portfolio, and strategic ecosystem partnerships provide meaningful differentiation, positioning the company to compete effectively against much larger peers such as IBM and Google.”
“While management views that full-scale commercialization as several years out, from our perspective, Rigetti has one of the most defensible and scalable paths forward, supported by its patented chiplet and I/O architecture, which should accelerate progress toward quantum advantage.”
Quantum stocks have been on fire lately, first on a smattering of company-specific news, second on rumors of looming government support for the industry that paid off when the Trump administration called the technology an R&D priority, and more recently, mostly on thin air as their momentum continues.
“For now, momentum remains on the side of investors, and as long as the industry continues to deliver measurable technical and commercial progress, we believe the quantum theme should remain resilient, even amid broader market volatility,” Williams concluded.
