Rigetti Computing: B. Riley Raises Price Target to $19, Maintains Buy Rating

Rigetti Computing's price target has been raised to $19 from $15 by B. Riley, with a Buy rating. The firm has increased price targets in quantum computing as part of a Q2 preview.

Rigetti Computing (RGTI) has received a significant boost in its price target, with B. Riley Financial increasing its rating to $19 from $15, while maintaining a Buy rating on the company's stock. This move is part of the firm's broader evaluation in the quantum computing sector ahead of a Q2 preview. The adjustment reflects a positive outlook on Rigetti's potential, particularly in light of recent strategic advancements and partnerships [2].

Analysts have been bullish on Rigetti, with an average 12-month price target of $15.40, according to TipRanks. This target represents a -4.23% decrease from the current price of $16.08 [1]. The highest analyst price target is $18.00, while the lowest is $14.00. Despite these targets, Rigetti has shown consistent losses and cash flow challenges, which remain significant hurdles for the company [1].

The recent price target increase by B. Riley aligns with the broader trend of analyst optimism. Rigetti has received 12 Buy Ratings in the current month, with 9 Hold Ratings and 0 Sell Ratings. This strong consensus indicates that analysts believe in Rigetti's future prospects, despite its current financial challenges [1].

Rigetti's financial outlook for the next quarter projects earnings of -$0.05, with a range of -$0.07 to -$0.03, and sales of $1.87M, with a range of $1.50M to $2.50M. While these figures are not optimistic, Rigetti's ability to outperform its industry in the last calendar year suggests resilience and potential for future growth [1].

Investors should closely monitor Rigetti's progress and consider the broader implications of its strategic partnerships and technical momentum. The company's ability to navigate its financial challenges and capitalize on its strengths in quantum computing will be crucial for its future success.

References:
[1] https://www.tipranks.com/stocks/rgti/forecast
[2] https://www.gurufocus.com/news/2997114/b-riley-boosts-price-target-for-rigetti-computing-rgti-to-19-rgti-stock-news