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Rigetti Computing's QCaaS Agreements and System Sales to be 'Lumpy' Near Term, Wedbush Says

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-- Rigetti Computing's (RGTI) quantum computing as a service agreements and system sales are expected to continue to be "lumpy" over the near-term, Wedbush analysts said in a Thursday note.

Analysts expect Rigetti's Q1 sales to increase from a year earlier as the company recognizes a portion of its Novera sales, with Q2 expected to benefit as the remaining revenue from the deal are booked this quarter.

The company is scheduled to report its Q1 financial results on May 11.

Analysts said that Rigetti's sales in the second half of the year are expected to see a boost from the C-DAC order announced in January.

Wedbush said the company is expected to provide additional updates, particularly on the trajectory toward 99.5%+ Q2 fidelity as the company continues to refine the system.

Analysts have an outperform rating and $40 price target on the stock.

Price: $19.15, Change: $-0.94, Percent Change: -4.68%

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