Rigetti Computing (RGTI) gained 7% on Monday, as Wedbush analyst Matt Bryson assumed coverage of the quantum computing stock with a Buy rating and a price target of $40, saying “For RGTI, fidelity rather than qubit count is the 2026 milestone.” The 5-star analyst’s bullish rating on RGTI comes ahead of its second-quarter earnings on August 6. Wall Street expects Rigetti to report a loss per share of $0.05 for Q2 2026, in line with the prior-year quarter. Revenue is projected to surge 182% year-over-year to $5.08 million.
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Wedbush Weighs In on RGTI Ahead of Q2 Earnings
Bryson highlighted that Rigetti’s Cepheus-1-108Q became generally available in the first quarter, with management targeting about 99.5% median two-qubit gate fidelity by the end of 2026. Prototypes on this system are already at 99.9% at 28ns gate speeds. He believes that translating prototype fidelity into median fidelity is a more crucial proof point and could drive a re-rating of RGTI shares. The analyst is also tracking RGTI’s progress toward a 1,000+ qubit system in the U.K. over the next 3-4 years.
Furthermore, Bryson noted that his Q4 2026 revenue estimate of $14.8 million represents 48% of his full-year projection of $30.5 million, making the ramp of the system more important than Q2 results. The analyst highlighted RGTI’s expanding customer base, including collaborations with Moody’s and Standard Chartered, the NQCC deployment in the UK, and the recently announced partnership with Hewlett Packard (HPE) and Pittsburgh Supercomputing Center to build the TangleLab supercomputing testbed.
Additionally, Bryson expects RGTI’s free cash flow to improve to negative $59 million in 2026 from negative $77 million last year, despite an expected rise in operating expenses. “With $568M of net cash as of 1Q26 plus the proposed $100M Commerce letter of intent signed May 21, we see runway sufficient to fund the roadmap without a near-term raise,” concluded Bryson.
Interestingly, Bryson ranks No. 14 among more than 12,400 analysts on TipRanks. He has a success rate of 78%, with an average return per rating of 94%.
Is RGTI Stock a Buy, Hold, or Sell?
Ahead of Q2 earnings, Wall Street has a Moderate Buy consensus rating on Rigetti Computing stock, with six Buys and three Holds. The average RGTI stock price target of $30.71 indicates 92% upside potential.
