Rigetti Computing Inc. (RGTI) saw its shares soar 14.71% in pre-market trading on Tuesday, driven by a combination of positive analyst sentiment and a broader rebound in the quantum computing sector.
B. Riley analyst Craig Ellis raised the firm's price target on RGTI to $8.50 from $4, maintaining a "Buy" rating on the stock. The analyst's optimistic outlook was a key catalyst for the stock's surge, as investors responded favorably to the increased price target.
RGTI's pre-market rally was also supported by a broader recovery in quantum computing stocks, which had sold off on Monday following cautious comments from tech leaders about the near-term prospects of the technology. Rigetti Computing, along with other quantum computing firms like D-Wave Quantum (QBTS) and SEALSQ Corp (LAES), staged a rebound as investors regained confidence in the sector's potential.
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