B. Riley Raises Rigetti Computing Price Target to $35

Summary

B. Riley has raised its price target for Rigetti Computing from $19.00 to $35.00, maintaining a ‘buy’ rating. This suggests a potential upside of 19.46% from the current price. Other analysts have also increased their price targets, with a consensus rating of ‘Buy’ and an average target of $19.71. Rigetti’s stock recently traded at $29.30, reflecting a 2.7% increase. The company reported a quarterly revenue of $1.80 million, slightly below expectations, and a negative EPS of ($0.05).Market Beat+ 2

Impact Analysis

So basically, B. Riley’s upgrade of Rigetti’s price target to $35 is a bold move, especially given the company’s speculative nature and minimal revenue against a hefty $9 billion market cap. The interesting part isn’t just the price target itself, but the underlying reasons—advancements in quantum computing and a new $5.8 million contract with the U.S. Air Force. These developments suggest Rigetti is making strategic moves to solidify its position in the quantum computing space, which could justify the optimism despite the volatility in its stock price. Market’s missing that while Rigetti’s revenue is low, its strategic partnerships and technological advancements could be laying the groundwork for future growth. I’d read this as a high-risk, high-reward scenario where the upside is tied to successful execution of these initiatives. Watch for further developments in their quantum computing capabilities and any additional strategic contracts.Motley Fool