Shares of Rigetti Computing (RGTI) rose about 4% on Thursday after B. Riley upgraded the shares to Buy from Neutral while keeping the $35 price target on the stock.
Analysts led by Craig Ellis said they are incrementally more encouraged with the near-term roadmap’s commercial trajectory after Rigetti received an $8.4M purchase order to deliver a 108-qubit quantum computer to India’s Centre for Development of Advanced Computing, which is 48% and 36% of the consensus 2025 low and high end consensus range, respectively.
“So, with enhanced full-year estimate attainment visibility and 46% PT upside, we upgrade shares from Neutral back to Buy,” said Ellis and his team.
The analysts reiterated their Buy ratings on IonQ (IONQ) with a $100 price target and D-Wave Quantum (QBTS) with a $33 price target.