Jefferies Cuts Rigetti (RGTI) Price Target to $20 but Sees Progress in System Sales

FomoAnxiety · 2026-03-05T13:36:19+00:00

Jefferies downgraded Rigetti Computing's price target from $30 to $20 while maintaining a Hold rating. Analysts highlight improved system sales and technological progress, but caution remains due to market risks.

FomoAnxiety

2026-03-05 13:36:19

Abstract generation in progress

Jefferies cut its price target on Rigetti Computing (RGTI) after the firm’s latest earnings report, while keeping a Hold rating on the stock. Analyst Kevin Garrigan lowered the target to $20 from $30, suggesting the firm sees a less clear risk and reward setup at current prices. At the same time, the analyst said several recent signs point to steady progress at the quantum firm.

Claim 70% Off TipRanks Premium

Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
Stay ahead of the market with the latest news and analysis and maximize your portfolio’s potential

Rigetti shares have drawn strong interest from investors who follow the early-stage quantum computing field. However, Wall Street still sees major risk tied to timing, costs, and real market demand.

Meanwhile, RGTI shares are trading at $17.76, down over 4% in pre-market.

Progress in System Sales and Technology

First, Jefferies noted that Rigetti is starting to see a stronger pace of system sales. According to Garrigan, “system sales cadence is improving with multiple 2026 system wins.”

This matters because most early quantum revenue has come from research deals or cloud access. In contrast, system installs tend to bring larger and longer deals.

At the same time, the firm pointed to tech progress inside Rigetti’s platform. Garrigan said advances in speed and error rates are “encouraging.” These measures are key for quantum chips since they shape how well a system can run real tasks.

In addition, the company said it still plans to deploy its new 108-qubit system by the end of March. The analyst said the renewed target helps show the firm is staying on track with its roadmap.

Still, Jefferies kept a Hold rating on the stock. The lower target suggests the firm sees the current share price as fair when set against near term revenue. While Rigetti’s tech path looks better, the sector is still young. Many firms are still in test mode, and large-scale use of quantum tools may take time.

Is RGTI a Good Stock to Buy?

On the Street, Rigetti Computing has a Strong Buy consensus view, based on eight analysts’ ratings. The average RGTI stock price target is $34.83, implying a 96.13% upside from the current price.

Disclaimer & DisclosureReport an Issue

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.