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- Rigetti Computing (NASDAQ:RGTI) was in focus on Wednesday as Cantor Fitzgerald started coverage on the quantum computing firm with an Overweight rating and $15 price target.
- Shares rose 1.3% in premarket trading.
- “Quantum computing is in its infancy but remains one of the most highly coveted technical milestones with enormous economical implications,” analyst Troy Jensen wrote to clients. “While we are likely years away from full-scale quantum capabilities, the technology has already captured the interest of investors.”
- As such, companies in the sector have seen “meaningful appreciation” and now trade at “steep valuations,” when compared to near-term revenue or earnings forecasts, Jensen added.
- Rigetti recently completed a $350M at-the-market equity offering to help shore up its balance sheet.
More on Rigetti Computing
- Rigetti Computing: Selling More Shares Than Quantum Computers
- Rigetti’s CEO Says The Business Take-Off Is 5 Years Away
- Cooling The Hype: Rigetti Computing’s Roadmap And The Case For Patience
- Rigetti Computing completes at-the-market $350M equity offering
- Quantum computing stocks rise as Nvidia CEO sees ‘inflection point’