Benchmark initiated coverage on Rigetti Computing (NASDAQ:RGTI) with a "Buy" rating. The firm set a price target of $25.00. This new target suggests significant upside from its current trading price. Analyst David Williams launched the coverage as part of a broader reinstatement of coverage on the quantum computing sector.
In its report, Benchmark expressed a bullish long-term view on the quantum computing industry. The firm noted the technology's increasing legitimacy and recent momentum. Benchmark suggested the sector is not a "winner-takes-all" market. The firm believes a portfolio approach to investing in quantum computing may be the best strategy in these early stages. Rigetti's shares rallied following the new rating.