Rigetti Computing Stock Surges Amid Competitor's Partnership and Analyst Coverage
Quantum computing stock Rigetti Computing (NASDAQ: RGTI) surged by over 7.49% early Monday, partly due to news from its competitor D-Wave Quantum that AT&T will use its technology for network optimization tasks. This development has sparked interest in the broader quantum computing sector and raised expectations about potential partnerships with other companies like Rigetti. In addition to this competitive tailwind, Benchmark analyst David Williams initiated coverage of Rigetti stock with a 'Buy' rating and set a $25 price target—suggesting over 67% upside from current levels. The analyst emphasized that quantum computing is not likely to be dominated by one company alone, advocating for investors to take a diversified approach in the sector. Despite these positive developments, most analysts caution that profitability remains several years away for many companies in this space.
Topics: analyst upgrade partnership announcement quantum computing