The caution follows Rigetti's failure to reach stage two of DARPA's Quantum Benchmarking Initiative and a Q4 2024 revenue drop to $1.9m from $2.3m.
The report says the setback leaves Rigetti behind rivals including IonQ, whose Q4 revenue reached $61.9m, while IBM and Google also compete in superconducting-qubit quantum computing.
With a market value near $5bn, Rigetti remains a popular pure-play quantum stock, but the analyst says investors may be better served by stronger rivals, ETFs or established tech groups.
Despite a 'sell' rating, Rigetti is expanding globally. Is this a sign of a major comeback?
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