Rigetti Computing Inc. (RGTI) saw its stock surge 7.37% in Friday's pre-market trading session, outperforming the broader market. The quantum computing company's shares rallied following an optimistic analyst outlook and the release of its Q4 earnings update.
Benchmark analyst Tobin McDaniel issued a bullish call on Rigetti Computing, setting a price target of $16 per share. McDaniel cited the company's pioneering efforts in making quantum technology commercially viable, despite the challenges it currently faces. The analyst's positive stance has fueled investor confidence in Rigetti's long-term prospects.
Additionally, Rigetti Computing's recent Q4 earnings call provided updates on the company's progress and ongoing efforts to overcome hurdles. While facing challenges, the company's commitment to advancing quantum innovation has been highlighted, further contributing to the stock's pre-market rally.
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