Infleqtion (INFQ) is meaningfully mispriced relative to quantum computing peers despite carrying the second-largest revenue base in the public quantum group, Wedbush Securities said in a Friday note.

The firm initiated coverage with an outperform rating and $20 price target, citing the company's unique position as the only publicly traded neutral-atom pure-play spanning computing, sensing, and software from a single technology core.

Infleqtion has the second-largest revenue base but is valued only sixth overall, the report noted. According to Wedbush, the key catalysts include a proposed $100 million Department of Commerce CHIPS investment and a recent executive order directing the deployment of quantum sensors.

Infleqtion stock gained 4% during Friday's premarket session.