Rigetti Computing (RGTI) Jumps 15.4% on Bullish Quantum Computing Outlook

Rigetti Computing, Inc. (NASDAQ:RGTI), is one of the Double Digit Gains: 10 Stocks Soaring Like Crazy.

Rigetti Computing jumped by 15.45 percent on Wednesday to close at $13.08 apiece as investor sentiment was bolstered by an analyst’s highly optimistic comment about its stock and the quantum computing industry in general.

In its market note on Wednesday, Cantor Fitzgerald gave an “overweight” rating and a $15 price target on its first coverage of Rigetti Computing, Inc.’s (NASDAQ:RGTI) stock, saying that the quantum computing sector poses a huge growth potential despite it being in the early stages and with full scale expected years away.

A close up of an engineer typing at a quantum computing station in a modern office space.

The price target marked a 15-percent upside from its latest closing price.

“Quantum computing is in its infancy but remains one of the most highly coveted technical milestones with enormous economic implications,” the investment firm said.

It added that Rigetti Computing, Inc. (NASDAQ:RGTI), which has $9 million in annual revenues and has yet to book profits, trades at a steep multiple to any near-term revenue or earnings forecast.

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.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.