The recent pullback in Coinbase shares could be "overdone," according to Oppenheimer. The firm reiterated its outperform rating on the crypto exchange operator and kept its price target at $293. That target implies 19.9% upside from Thursday's close. Shares on Thursday fell 7.2% after the company said cybercriminals had bribed overseas support agents to steal customer data , an event it said might cost it up to $400 million to fix. The pullback puts the stock in the red for 2025 with a more than 1% loss. It has also fallen more than 20% over the past six months. "While we think the expected remediation cost of $180-$400M is high, we believe COIN intends to send a message that customers' funds are safe, and they will take full responsibility," analyst Owen Lau wrote in a note published Thursday. "We believe the agents have been terminated, and COIN is taking action swiftly to compensate impacted customers as soon as possible, and pursue strong legal actions against perpetrators." Lau thinks most of the impact from the cyberattack will hit the company in the second quarter, with the $180 million to $400 million payment likely being recorded in other operating expenses. He does not anticipate that it will affect the company's second-quarter expense guidance, however. Meanwhile, the analyst believes weakness in the price of alternative cryptocurrencies — or anything other than bitcoin — over the past two days could have hurt Coinbase shares as well. "While these headlines have impacted near-term sentiment, they haven't changed our long-term view on the stock," he said. "We view this as a buying opportunity." Other analysts are sticking with the name following the cyberattack. Out of the 31 analysts covering Coinbase, 16 have a strong buy or buy rating, per LSEG data. In contrast, the 15 remaining analysts have taken a neutral stance. The stock rebounded in the premarket Friday, rising more than 1%.
