TD Cowen analyst Krish Sankar has maintained their bullish stance on RGTI stock, giving a Buy rating yesterday.
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Krish Sankar has given his Buy rating due to a combination of factors that highlight Rigetti Computing’s promising future. The company’s roadmap for developing modular quantum chips is progressing well, with significant milestones such as the introduction of 36Q and 100Q+ designs expected by mid to late 2025. These advancements are crucial for achieving the high fidelity rates necessary to attract commercial interest, with expectations that Rigetti could reach a 99.9% fidelity rate by 2027.
Additionally, Rigetti’s financial position is strong, with approximately $238 million in cash and equivalents following a recent investment from Quanta Computer. This funding is projected to support operations through 2027, providing a stable financial foundation as the company works towards its technical goals. The potential passage of the $2.5 billion US National Quantum Initiative reauthorization is seen as a critical catalyst that could further enhance the company’s revenue opportunities and support the broader US quantum agenda.
According to TipRanks, Sankar is a 5-star analyst with an average return of 15.2% and a 55.27% success rate. Sankar covers the Technology sector, focusing on stocks such as Apple, Pure Storage, and Lam Research.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $15.00 price target.