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Why Shares of Rigetti Computing Are Soaring Today

TheMotleyFool

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Why Shares of Rigetti Computing Are Soaring Today: https://g.foolcdn.com/editorial/images/827912/positive-people-1.jpg

Shares of Rigetti Computing (NASDAQ: RGTI) traded nearly 10% higher, as of 10:49 a.m. ET today, after a Wall Street analyst raised his price target on the stock and reiterated a buy rating on the name.

Needham analyst Quinn Bolton increased his price target on Rigetti by $3 to $18 per share, implying about 15% upside from current levels. Bolton believes there is momentum in the quantum computing sector. He is specifically watching the Defense Advanced Research Projects Agency's (DARPA) Quantum Benchmark Initiative (QBI) and a pending bill in Congress called the Department of Energy Quantum Leadership Act.

Source Fool.com