Rigetti Computing price target lowered to $1 from $3 at Needham

Needham lowered the firm’s price target on Rigetti Computing to $1 from $3 and keeps a Buy rating on the shares. Rigetti slightly beat 2022 sales expectations, but did not provide sales guidance for 2023, the analyst tells investors in a research note. The firm "applauds" management for its frankness about the new technological and operational strategies and believes these are necessary steps for the long-run.