Rigetti Computing (RGTI) Stock: Top Analyst Upgrades to Buy After India Contract Win

TLDR

• B.Riley upgraded Rigetti Computing (NASDAQ:RGTI) from Neutral to Buy with a $35 price target
• The company secured an $8.4 million order from India’s C-DAC for a 108-qubit quantum computer
• The India contract represents 36-48% of consensus revenue estimates for 2025
• B.Riley’s price target implies 46% upside from current trading levels around $23.67
• Rigetti delayed its Cepheus-1-108Q system launch to end of Q1 2026 for additional testing

B.Riley returned Rigetti Computing to a Buy rating on Thursday. The firm maintained its $35 price target for the quantum computing stock.

Rigetti Computing, Inc., RGTI

The upgrade comes after Rigetti announced an $8.4 million purchase order from India’s Centre for Development of Advanced Computing. The company will deliver a 108-qubit quantum computer to C-DAC’s Bengaluru center in the second half of 2026.

The India order carries weight for a company that generated just $7.49 million in revenue over the last twelve months. According to FactSet data cited by B.Riley, the contract represents 48% of the low end and 36% of the high end of consensus revenue estimates for calendar year 2025.

B.Riley originally initiated coverage on Rigetti with a Buy rating in July 2025. The firm downgraded the stock to Neutral in November when shares traded around $39 due to valuation concerns.

Revenue Visibility Drives Rating Change

The research firm pointed to “enhanced full-year estimate attainment visibility” as the key factor in restoring the Buy rating. The India contract provides concrete revenue expectations for a company working to establish commercial traction.

Rigetti currently trades at $23.67. The $35 price target implies approximately 46% upside potential.

B.Riley’s valuation assumes shares discount 35% of the total addressable market from 2030 to 2035. The stock has shown volatility with a beta of 1.71.

System Delays and Financial Position

Rigetti revised the timeline for its Cepheus-1-108Q quantum computing system. The launch moved from early 2026 to the end of the first quarter 2026. The company cited additional testing and optimization needs for the delay.

The company maintains more cash than debt on its balance sheet. Strong liquidity provides runway despite ongoing losses.

Rigetti reported a negative EBITDA of $73.01 million. The company remains unprofitable as it invests in quantum technology development.

Other analysts have weighed in recently. Rosenblatt Securities initiated coverage with a Buy rating and $40 price target. Wedbush started coverage with an Outperform rating and $35 target. Jefferies took a more cautious stance with a Hold rating and $30 target, noting execution risks.

The stock has climbed 6.86% year-to-date. Average trading volume reached 44.9 million shares. Current market capitalization sits at $8.25 billion.

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