Craig-Hallum analyst Richard Shannon IV reiterated a Buy rating and $30.00 price target on Rigetti Computing Inc. (NASDAQ: RGTI).

The analyst commented: "RGTI’s adiabatic gate approach is set to become the norm later this year, which could end up being the reason why RGTI reaches their fidelity roadmap or could provide upside to it; we aren’t sure which way it will go just yet. Though the most recent QPU that was released didn’t reach the fidelities intended, RGTI expects to reach these fidelities by year’s end, on their 108 qubit QPU. We no longer expect the upcoming 150+ qubit QPU to have even higher fidelities than 99.5%, but believe the mid-year QPU release will likely feature such fidelities. With another QPU sale this quarter, which wasn’t included as one of the previously announced QPUs, we continue to think RGTI is building a base of users that could act as a basis for which upgrades could happen when quantum advantage is reached (~2029) and another for when fault tolerance is reached (which we think is likely 2033). We continue to like RGTI’s approach to superconducting and believe the minor setback is more than offset with advances in gate speed, fidelity, and reduced control line overhead, via the realization of adiabatic gates. We reiterate our BUY rating and price target of $30."

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Shares of Rigetti Computing Inc. closed at $20.51 yesterday.