Rigetti Computing RGTI shares jumped more than 7% on Monday after Wedbush started coverage with an Outperform rating and a $40 price target, citing progress in the quantum-computing company’s technology and expanding customer base.
The target is well above Rigetti’s stock price of about $14.95. Wedbush expects fourth-quarter 2026 revenue of $14.8 million and full-year revenue of $30.5 million. Rigetti’s first-quarter revenue increased about 199% year over year, although from a relatively small base.
Wedbush pointed to Rigetti’s Cepheus-1-108Q system, which became broadly available during the first quarter. The company is targeting median two-qubit gate fidelity of about 99.5% by year-end. Its commercial reach also includes Novera system sales, Moody’s and Standard Chartered relationships, and a U.K. deployment.
Rigetti also has a proposed agreement with the U.S. Department of Commerce for up to $100 million in funding over three years. The company held $568 million in net cash at the end of the first quarter.
Wedbush is not alone in its positive view. Benchmark has a Buy rating with a $25 target, while Cantor Fitzgerald and Craig-Hallum each maintain bullish ratings with $30 targets.
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