Rigetti Computing (RGTI) Soars 11.6% on Bullish Rating, Price Target Upgrade

We recently published 10 Stocks Surprise With Double-Digit Gains; 4 Hit Record Highs. Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the companies that stood stronger last week.

Rigetti Computing saw its share prices jump by 11.61 percent on Monday to finish at $15.76 apiece after earning a bullish rating and a higher price target from an investment firm.

In its market note, Needham raised its price target for Rigetti Computing, Inc. (NASDAQ:RGTI) to $18 from $15 previously, while maintaining a “buy” recommendation for its stock on strong confidence for the overall quantum computing industry.

In particular, the investment firm was on a wait-and-see mode for government programs, namely the DARPA’s Quantum Benchmark Initiative (QBI) which aims to assess whether quantum devices would deliver more value than their cost over the next eight years; and the proposed Quantum Leadership Act of the Department of Energy which would program some $2.5 billion in capital expenditures over the next five years to boost quantum research.

Needham said both initiatives could unlock new research funding and commercial opportunities for the industry.

While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.