Rigetti Computing ( RGTI ) is back in the spotlight. After a punishing stretch in 2022 and 2023, the quantum computing firm has staged a remarkable turnaround—its stock soaring more than 1,000% over the past year. Now, Wall Street is starting to take notice. On Wednesday, Cantor Fitzgerald analyst Troy Jensen initiated coverage on Rigetti with an Overweight rating and a bullish $15 price target.

Although the stocks have all experienced meaningful appreciation and are trading at steep valuations based on any near-term revenue or earnings forecast, Jensen still noted upside given the strategic value of quantum computing.

According to the analyst, of the primary technologies believed to be capable of reaching quantum status, superconducting has seen the most investment.

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While Rigetti is competing with Alphabet Inc ( GOOG ) Google, International Business Machines Corp ( IBM ) , Intel Corp ( INTC ) , and Microsoft Corp ( MSFT ) , Jensen noted that this ecosystem of technology leaders will help pave the way toward quantum capabilities within superconducting and position Rigetti to benefit from the efforts of others.

The analyst applauded Rigetti’s announced partnership with Quanta Computer and noted that this strategic collaboration will help accelerate the development and commercialization of superconducting quantum computing. As part of this partnership, both companies committed to investing at least $250 million over five years, including Quanta investing $35 million in Rigetti through a stock purchase in April, he said.

The collaboration will enable Rigetti to focus on quantum technology, while Quanta concentrates on packaging and manufacturing, leveraging their expertise in servers and notebooks, Jensen noted.

The analyst noted that after challenging 2022 and 2023, Rigetti’s share price has rallied since late 2024, increasing by approximately 1,008% over the last 52 weeks.

He said that Rigetti is in the very early innings of commercializing its technology.

Rigetti can capture 15% of the quantum hardware, software, and services market by 2035, which, at a 10% discount rate, equates to a revenue present value of $477 million, Jensen noted.

While the price performances of other pure-play quantum computing stocks are flat to up year-to-date, the analyst noted Rigetti’s 22% year-to-date correction as an opportunity to accumulate shares.

Jensen projected second-quarter revenue of $1.8 million and EPS of $(0.06).

Price Action: RGTI stock is up 10.4% at $12.52 at last check Wednesday.

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