Rigetti Computing Inc. (RGTI) PT Raised to $20 at Benchmark

Benchmark analyst David Williams raised the price target on Rigetti Computing Inc. (NASDAQ: RGTI) to $20.00 (from $14.00) while maintaining a Buy rating.

The analyst commented, "We reiterate our Buy rating on Rigetti Computing and raise our price target to $20 following strong 2Q results and continued progress on its chiplet-based scaling strategy. The company remains on schedule to deliver a 100-qubit multi-chiplet QPU with 99.5% two-qubit gate fidelity by year-end, an important milestone on the path to quantum advantage. The recent release of the Cepheus-1 system successfully met this fidelity target while materially reducing error rates, marking the launch of the industry’s largest multi-chip quantum processor and validating the scalability of Rigetti’s architecture. We believe these advancements strengthen the company’s roadmap toward a 1,000+ qubit system with 99.9% fidelity, error correction, and sub-50ns gate speeds necessary to achieving quantum advantage. Although management continues to see a 3–4-year timeline to reach the quantum advantage threshold, we think there are meaningful opportunities to generate revenue well ahead of these targets. The company added $350M to the balance sheet during the period and now has $570M in cash, which should be more than sufficient to support continued investment to reach commercialization."

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