Shares of Coinbase took a sharp dive on Thursday, falling 7.2% after the company admitted that cybercriminals had bribed overseas support agents to gain access to customer data, an incident that could cost the firm up to $400 million.
But that drop might’ve gone too far. Oppenheimer doesn’t think the sell-off makes sense. The firm kept its $293 price target for Coinbase, saying the panic was overblown. If that target holds, the stock has nearly 20% upside from where it ended Thursday.
The stock has now slipped over 20% in six months and is already down more than 1% for the year. But analysts aren’t running for the hills.
