Rigetti Computing, Inc. (NASDAQ:RGTI), a company that is part of the Double Digit Gains: 10 Stocks Soaring Like Crazy list, saw a significant jump of 15.45 percent in its stock price on Wednesday. Closing at $13.08 per share, investor sentiment was boosted by an analyst’s positive outlook on the stock and the quantum computing industry as a whole.
Cantor Fitzgerald, in its market note on Wednesday, initiated coverage on Rigetti Computing, Inc. with an “overweight” rating and a $15 price target. The firm highlighted the immense growth potential of the quantum computing sector, despite it being in its early stages and full-scale adoption expected to take years.
The price target set by Cantor Fitzgerald represents a 15 percent upside from the stock’s latest closing price. The investment firm emphasized that quantum computing is a highly sought-after technological milestone with significant economic implications.
Despite Rigetti Computing, Inc. having $9 million in annual revenues and not yet turning a profit, the stock trades at a high multiple compared to any near-term revenue or earnings forecasts. The investment firm acknowledged the potential of RGTI as an investment but suggested that there may be other AI stocks with greater promise for delivering higher returns with limited downside risk.
For investors seeking opportunities in the AI sector, Cantor Fitzgerald recommended exploring other options that may offer better potential returns. They also pointed out that some AI stocks could be major beneficiaries of Trump tariffs and onshoring.
In conclusion, while Rigetti Computing, Inc. shows promise as an investment, investors are encouraged to consider other AI stocks with potentially higher returns and lower risk. For more information on the best short-term AI stocks, readers can refer to a free report available on the Insider Monkey website.
Disclosure: None. This article was originally published on Insider Monkey’s website.
