Why Rigetti Computing Stock Keeps Going Up
Key Points
Mizuho analyst Vijay Rakesh raised his price target on D-Wave Quantum stock today.
The analyst said nothing about Rigetti Computing.
In fact, he cut his price target on Rigetti one month ago.
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Rigetti Computing (NASDAQ: RGTI) stock jumped 8.2% through 11 a.m. ET Monday, its third straight day of gains. Believe it or not, you can thank a Rigetti rival, D-Wave Quantum (NYSE: QBTS) for that.
More precisely, you can thank the banker who just praised D-Wave.
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Mizuho loves D-Wave Quantum stock
Mizuho analyst Vijay Rakesh raised his price target on D-Wave to $35 per share. Rakesh praised D-Wave's plan to build a gate-based quantum computer with 10 logical qubits (LQ) by 2030, then scale to 100 LQ by 2032, while improving error rates. He also liked D-Wave's prediction that quantum could grow into a $450 billion to $850 billion market by 2040, and declared D-Wave a leader in this market.
Rakesh, however, said nothing about Rigetti Computing.
Worse, roughly one month ago, Rakesh lowered his price target on Rigetti stock to $27 per share, with StreetInsider.com reporting that, while the analyst was impressed with Rigetti's faster-than-expected sales growth, he was less confident about the stock's valuation.
Is Rigetti stock better or worse than D-Wave stock?
When investing in quantum computing stocks, it's important not to get too caught up in the excitement of analyst upgrades and downgrades, price target hikes, and cuts. Wall Street is tracking a moving target in this industry, and at this early stage, it's incredibly hard to know who the winners will be.
Big picture, the thing to always keep in mind is this: No one on Wall Street expects either Rigetti or D-Wave stock to turn a profit as far out as any analysts are willing to make predictions. Whether they ultimately succeed or fail, both these companies will lose money for at least the next five years.
Check your risk tolerance before investing, and be prepared to be very, very patient.
Should you buy stock in Rigetti Computing right now?
Before you buy stock in Rigetti Computing, consider this:
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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