Rigetti Computing (RGTI) is back on investors’ radar after five-star-rated analyst Vijay Rakesh at Mizuho initiated coverage with a Buy rating and a price target of $50, implying more than 90% upside. The fresh bullish call has reignited interest in quantum computing stocks, which have been battered in recent weeks amid broader market volatility. Following the rating, RGTI stock is up 0.65% in pre-market hours on Thursday.
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Overall, Mizuho’s $50 price target values the stock at 11x its projected 2030 price-to-sales ratio. This implies a 20% discount to the firm’s DCF valuation, still making it a conservative estimate.
Mizuho’s Bullish Call on RGTI
Rakesh pointed to Rigetti’s ability to scale as a major reason for its bullish outlook, highlighting the company’s roadmap to reach 150+ qubits by 2026 and more than 1,000 qubits by 2027, along with a strong 99.8% two-qubit gate fidelity. Rigetti’s 1,000+ qubit system is a next-generation quantum computer designed to tackle complex, real-world problems faster than classical computers.
For context, a qubit is the basic unit of information in a quantum computer. More qubits with low error rates help quantum computers solve problems beyond the reach of today’s supercomputers.
He also underscored Rigetti’s solid financial footing, with cash and investments enough to potentially fund operations well past 2030. Notably, the company held approximately $600 million in cash, cash equivalents, and available-for-sale investments as of November 6, 2025.
Additionally, Rakesh believes Rigetti is the most comparable smaller company to the big players like IBM (IBM) and Google (GOOGL), when it comes to building scalable quantum computers using superconducting technology.
Is RGTI Stock a Buy?
Rigetti Computing stock has a consensus Moderate Buy rating among seven Wall Street analysts based on five Buys and two Holds issued in the last three months. The average RGTI price target of $40.60 implies an upside of 55.4% from current levels.
Year-to-date, RGTI stock is up by over 70%.
