B. Riley analyst Craig Ellis raised the firm’s price target on Rigetti Computing (RGTI) to $8.50 from $4 and keeps a Buy rating on the shares. The company’s late-November capital markets activity with a direct offering “significantly bolstered ” its cash balances to “materially allay investor sufficiency concerns,” the analyst tells investors in a research note. In addition, the firm says Rigetti’s Ankaa-3 product announcement showed continued key system and error correction progress. It believes development contracts and then an “increasing array of production workloads” will lend increasingly significant commercial prospects.
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