Rigetti Computing price target raised to $14 from $2.50 at Benchmark

Benchmark analyst David Williams raised the firm’s price target on Rigetti Computing (RGTI) to $14 from $2.50 and keeps a Buy rating on the shares. After having hosted CEO Subodh Kulkarni and CFO Jeff Bertelsen for a virtual investor group call last week, the firm came away with “increased confidence” in the company’s technology roadmap and continued progress toward achieving internal fidelity targets, the analyst tells investors. Benchmark continues to view Rigetti’s superconducting approach and modular architecture as “fundamental advantages to overcoming the scalability challenge in gate-based systems” and views the company as “well positioned with a compelling architecture and significant IP moat,” the analyst added.