Alliance Global Partners raised the firm’s price target on Rigetti Computing (RGTI) to $15 from $5.50 and keeps a Buy rating on the shares. Awards for the DARPA Quantum Benchmarking contract are expected in February, notes the firm, which expects multiple awardees. The firm believes Rigetti is positioned to be one of the winners and contends that selection would be “validation of leadership positioning” given the competitive procurement, the analyst tells investors. In addition, the firm expects the Quantum Re-Authorization Act to provide $2.7B in funding for federal agencies that will result in further government R&D programs.
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