TD Cowen analyst Krish Sankar downgraded Rigetti Computing (RGTI) to Hold from Buy without a price target The firm sees a balanced risk/reward at current share levels due to Rigetti’s “premium valuation” relative to peers. The company may also need new capital to fund its 200mm fab, the analyst tells investors in a research note. TD believes Rigetti is facing greater competition headwinds are being excluded from Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative Stage B program.
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