B. Riley Securities’ top analyst, Craig Ellis, upgraded Rigetti Computing (RGTI) to a Buy rating from Hold, while keeping his $35 price target (40.2% upside). He cited Rigetti’s $8.4 million order from Indian firm C-DAC, which “enhances full-year estimate attainment visibility.” Alongside Ellis, two other analysts reiterated their Buy ratings, highlighting Rigetti’s expanding global footprint as a key growth driver. These ratings pushed RGTI shares up 5.5% on January 22.
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Ellis is a five-star analyst on TipRanks, ranking #100 out of 12,040 analysts tracked. He has a 56% success rate and an impressive average return per rating of 31.60%.
India Order a Big Boost for Rigetti’s Sales
On January 20, Rigetti announced that its Indian subsidiary received an $8.4 million purchase order to deliver a 108-qubit quantum computer to the Centre for Development of Advanced Computing (C-DAC), under the Ministry of Electronics and Information Technology. The system will be installed on-premises at C-DAC’s Bengaluru center and is slated for deployment in the second half of 2026.
The order’s value has been a big catalyst for analysts’ enthusiasm since Rigetti reported total revenues of $7.49 million over the past twelve months. Ellis pointed out that the $8.4 million order represents 48% of the low-end and 36% of the high-end consensus revenue estimates for calendar year 2025.
Analysts Offer Bullish Views on RGTI
Rosenblatt Securities analyst John McPeake reiterated his Buy rating and $40 price target, implying 60.3% upside potential. He emphasized that the India order strengthens Rigetti’s already robust installed base and validates sustained demand for its on-premises superconducting quantum solutions.
Additionally, Craig-Hallum analyst Richard Shannon reiterated his Buy rating, echoing similar catalysts and validating Rigetti’s long-term outlook. While the India order is a major win, Rigetti faces certain risks including execution delays, funding constraints, and competitive pressure from IonQ (IONQ), IBM (IBM), and D-Wave Quantum (QBTS).
Is Rigetti a Good Stock to Buy?
On TipRanks, Rigetti Computing stock has a Strong Buy consensus rating based on nine Buys and two Hold ratings. The average Rigetti Computing price target of $39.75 implies 59.3% upside potential from current levels. Over the past year, RGTI shares have surged over 85%.
