Rigetti Computing downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Sidney Ho downgraded Rigetti Computing to Hold from Buy with a price target of $2, down from $10. The company announcement that Rigetti’s founder and namesake will leave the company "entirely raises significant concerns related to the company’s strategic direction and technology roadmap," Ho tells investors in a research note. He believes the departure of Rigetti ‘s top scientist in quantum computing and the architect of its modular chip architecture could change the course of the company in future years. Ho now sees risks to the company’s technology development steps on its 1,000+ QPU system scheduled for 2025 as well as risks to its strategic partnerships.