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‘Jump In Before It’s Too Late,’ Says Cantor Fitzgerald Analyst about Rigetti Stock (RGTI)

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Cantor Fitzgerald has begun coverage of Rigetti Computing with a Buy rating and a $15 price target.

‘Jump In Before It’s Too Late,’ Says Cantor Fitzgerald Analyst about Rigetti Stock (RGTI)

Shares of Rigetti Computing (RGTI) surged 15.5% on Monday after Cantor Fitzgerald analyst Troy Jensen initiated coverage with a Buy rating and a $15 price target (14.7% upside). The analyst is optimistic about the company’s long-term growth potential.

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Jensen noted that while quantum computing is still in its early stages and full-scale use may still be years away, it holds huge growth potential. Further, he said that quantum companies like Rigetti are already trading at high prices, as investors see opportunity in the sector.

The analyst mentioned that the stocks are currently trading at “steep valuations based on any near-term revenue or earnings forecast.” However, Cantor Fitzgerald still sees upside potential for Rigetti due to the “strategic value of quantum computing” itself.

RGTI Growth Efforts

Rigetti is growing fast in quantum computing. The company is improving its 84-qubit chip for better performance and plans to launch a more powerful 100+ qubit chip by late 2025. A $250 million deal with Quanta is helping speed up this progress.

The company is also teaming up with others like Nvidia (NVDA) and Microsoft (MSFT) to boost reliability and scale. Its smart design allows many chips to work together, helping it compete in the race for powerful quantum machines.

Also, it recently completed a $350 million at-the-market (ATM) equity offering, lifting Rigetti’s total cash reserves to around $575 million. This new capital is expected to aid RGTI’s expansion plans.

Is RGTI Stock a Good Stock to Buy?

Turning to Wall Street, RGTI stock has a Strong Buy consensus rating based on six Buys assigned in the last three months. The average Rigetti share price target is $15, which implies a potential upside of 14.68% from current levels.

See more RGTI analyst ratings

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