Analyst Quinn Bolton from Needham maintained a Buy rating on Rigetti Computing (RGTI – Research Report) and decreased the price target to $15.00 from $17.00.
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Quinn Bolton has given his Buy rating due to a combination of factors, including Rigetti Computing’s strategic advancements and partnerships. The company has been selected for Stage A of DARPA’s QBI program, which highlights its growing influence in the quantum computing sector. Additionally, Rigetti received a significant financial award from the AFOSR to enhance its Alternating-Bias Assisted Annealing technology, showcasing its commitment to innovation.
Furthermore, Rigetti is expanding its footprint in the U.K. with multiple Innovate UK Quantum Mission Pilot Awards, which will support the upgrade of NQCC’s quantum processing unit. The company is also making strides in technology with the successful optical control of a superconducting qubit. Lastly, the completion of a substantial investment from Quanta Computer underscores confidence in Rigetti’s future prospects, despite a modest reduction in price target due to lower forward estimates.
In another report released today, Alliance Global Partners also maintained a Buy rating on the stock with a $16.00 price target.