Not so long ago all the talk on Wall Street centered around stocks exhibiting overheated valuations, as the seemingly never-ending bull market took plenty of names beyond what might be considered their fair value. In many cases, that argument does not apply anymore, with 2022’s stock market action sending scores of stocks crashing down.
In fact, in many instances, the opposite now applies. Such has been the force of the pullback, investors are now presented with names offering excellent value.
Just ask one of Wall Street’s top experts – Needham’s Quinn Bolton. Amongst Wall Street’s cadre of analysts, measured by the success of their recommendations, Bolton ranks second. So, it’s most definitely worth taking note when Bolton highlights names which look ripe for the picking. In fact, the analyst sees a particular pair of stocks delivering gains of more than 70% in the year ahead.
Turns out he’s not alone; using the TipRanks database, we can see both are rated as Strong Buys by the analyst consensus and poised to generate hefty returns over the coming months. Let’s see what makes them such compelling picks right now.
Rigetti Computing (RGTI)
Quantum computing is a potentially enormous future industry, and the first undervalued stock we’ll look at is positioned to be a major beneficiary of the inevitable advancements in the space. Rigettiis a global leader in superconducting quantum computers, and its full-stack quantum computing-as-a-service platform, which includes a hybrid quantum-classical computing environment, provides access to its quantum computers.
According to the company, the most effective way to design a fault-tolerant quantum computer is to use a modular chip architecture that can grow to build new generations of quantum computers. This technique allows for the assembly of multi-chip processors with rising qubit counts from a single base tile, allowing for successive generations of quantum computers with growing processing abilities.
Rigetti operates via a vertically integrated model and the company has its own fabrication…