Analyst Quinn Bolton of Needham maintained a Buy rating on Rigetti Computing (RGTI – Research Report), retaining the price target of $17.00.
Quinn Bolton has given his Buy rating due to a combination of factors that highlight Rigetti Computing’s strategic advancements and future potential. The company has entered into a strategic collaboration with Quanta Computer, which is expected to enhance their quantum computing manufacturing capabilities and reduce time to market. This partnership is a significant step forward in positioning Rigetti as a leader in the quantum computing space.
Additionally, Rigetti has successfully made sales of their Novera 9-qubit QPU to notable institutions such as Montana State University and the U.K. Government, indicating strong market interest and adoption of their technology. The company’s technical roadmap is on track, with plans to achieve a 36-qubit processor by mid-2025 and a 100+ qubit system by the end of 2025. Furthermore, Rigetti is poised to benefit from upcoming quantum funding opportunities from the Department of Energy and the Department of Defense, which could provide substantial financial support and validation of their technology. These factors collectively underpin Bolton’s optimistic outlook and Buy rating for Rigetti Computing.