Buy this quantum computing stock that can rally more than 30%, Cantor says
Cantor Fitzgerald joined the bull camp on Rigetti Computing . Analyst Troy Jensen initiated coverage of the quantum computing stock at overweight. Jensen’s $15 price target suggests 32.4% upside over Tuesday’s close. “Quantum computing is in its infancy but remains one of the most highly coveted technical milestones with enormous economical implications,” Jensen wrote to clients in a Tuesday note. “While we are likely years away from full-scale quantum capabilities, the technology has already captured the interest of investors.” While Jensen said quantum is in its “infancy,” he said Rigetti is the leading pure play on superconducting, the type of technology that he said has seen the most investment. Jensen noted Rigetti’s partnership with Quanta as a strategic collaboration which can help the advancement of superconducting. Though not widely covered, all six analysts with ratings on Rigetti have buy-equivalent views, according to LSEG. To be sure, Jensen acknowledged that quantum stocks have quickly risen and have valuations that are disconnected to any near-term business forecast. However, he said expecting upside is reasonable given the strategic value of the technology. Shares rose more than 1% before the bell on Wednesday but remain more than 25% lower year to date. That pullback follows a nearly 1,450% surge in 2024. RGTI 1Y mountain Rigetti shares, 1-year
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