Rigetti Computing Inc (NASDAQ: RGTI) is inching up this morning after Troy Jensen, a Cantor Fitzgerald analyst, issued a bullish note in its favour.
Jensen recommended loading up on RGTI shares at current levels in his research note, saying they are strongly positioned to blow past its May high.
Despite today’s gain, Rigetti stock is down nearly 40% versus the start of 2025.
Rigetti stock looks headed for $15
According to Troy Jensen, quantum computing is in its early innings only, but “remains one of the most coveted technical milestones with enormous economic implications.”
In his latest report, the analyst agreed it could take several more years before quantum technology reaches its full potential. Still, he sees RGTI stock hitting $15 because investors are already taking an interest in this sector.
Jensen remains constructive on Rigetti primarily because it’s a leader in superconducting, one of the most advanced, widely studied, and aggressively invested subsectors within quantum tech.
Additionally, while Rigetti shares currently have a price-to-sales multiple of more than 300, they are still cheaper to own compared to other quantum computing stocks, including D-Wave, which is going for 484 at the time of writing.
What else could drive RGTI shares up?
Rigetti secured a $35 million equity investment from Quanta Computer in late April, which Cantor experts believe is meaningful for the company’s work on superconducting systems.
Troy Jensen drives part of the optimism on RGTI stock from its latest quarterly release. In Q1, the Nasdaq-listed firm lost 8 cents on a per-share basis, down significantly from 14 cents a share in the same quarter last year.
Moreover, Rigetti Computing has been picked to play a central role in government-funded projects, both in the US and the UK, on superconducting systems as well. According to Subodh Kulkarni, its chief executive:
“We are making great strides in developing innovative approaches to scaling to higher qubit count systems, possible due to our open and modular system architecture, in-house full-stack expertise, and world-class partners.”
Should you buy Rigetti Computing today?
Berkeley headquartered Rigetti currently has $238 million in cash, cash equivalents, and available-for-sale investments, while its total operating expenses stood at some $22 million only in fiscal Q1.
This gives the quantum-tech firm sufficient leeway to sustain its operations, invest in R&D, and advance its roadmap toward fault-tolerant quantum computing without immediate reliance on external financing.
Investors should also note that Cantor Fitzgerald is not the only Wall Street shop that’s keeping a bullish view on Rigetti stock for the back half of 2025.
According to Wall Street Journal, the consensus rating on RGTI shares currently sits at “buy” with the mean target of $14.57, indicating potential upside of nearly 30% from their previous close.
Rigetti shares surged 7% on Wednesday after the update.
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