Rigetti leads rally in quantum computing stocks after Cantor Fitzgerald joins bullish chorus of Wall Street analysts

Shares of Rigetti Computing are surging, up as much as 9.5% after Cantor Fitzgerald analyst Troy Jensen initiated coverage of the stock with an “overweight” rating and price target of $15.

The quantum firm has generated about $37.4 million in sales over its time as a publicly traded entity (since 2021), and has a market cap just shy of $4 billion as investors bet that the slow commercialization of quantum and loads of red ink will one day lead to a step-function jump in revenues and profitability.

The stock isn’t heavily covered by analysts, but all seven do have a “buy” rating and price targets that range from $14 to $16, per Bloomberg. (The stock is trading around $12 currently.)

Peers D-Wave Quantum, IonQ, and Quantum Computing are also up between about 2.5% and 4% on the session.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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