Rigetti Computing price target raised to $17 from $2 at Needham

Needham raised the firm’s price target on Rigetti Computing (RGTI) to $17 from $2 and keeps a Buy rating on the shares as part of a broader research note on Quantum Computing names. Over the past several months, the combination of technical milestone achievements, announcements of quantum contract awards of increasing dollar value and mentions of quantum computing by leading technology CEOs has increased awareness of the potential opportunity for quantum computing among mainstream investors, and reflecting this increased awareness, the stock prices of pure play quantum computing companies have increased several fold since September 30, 2024, the analyst tells investors in a research note. The increasing valuations for quantum computing companies reflect growing recognition that quantum computing may disrupt a meaningful portion of the $1T computing market over the next decade, the firm added.