Benchmark upgraded Rigetti Computing to Buy from Hold with a $4 price target following “solid” Q2 results. Rigetti’s strategic re-positioning is “demonstrating early success on multiple fronts,” says the firm, which was “specifically encouraged” by the firm’s first QPU sale during the quarter. Following the initial QPU sale this quarter, the company indicated a pipeline of customers has quickly developed, notes the firm, which says its conviction in Rigetti is “meaningfully improved” given increased confidence in the team’s execution, technical progress, and better clarity of the path to commercialization.
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