Benchmark analysts raised the rating of Rigetti Computing (NASDAQ:RGTI) to Buy from Hold, with a price target of $4.00.
The analysts explained that the decision to upgrade Rigetti is based on the company’s strong performance in the second quarter, as its strategic repositioning has shown promising results on various fronts. As a result of the positive Q2 announcement, shares jumped more than 50% intra-day today.
Of particular note is the positive reception of the company’s first Quantum Processing Unit (QPU) sale during the quarter. The analysts believe this sale represents a pivotal moment, likely leading to increased hardware sales, given the QPU’s attractive price point and user-friendly installation process.
According to the analysts, this sale signifies a growing interest from customers and serves as an endorsement of Rigetti’s technology.