Oppenheimer claims Coinbase shares can bounce 20%
- Coinbase shares dropped 7.2% after a cyberattack revealed data theft.
- Oppenheimer maintains a price target of $293 for Coinbase, suggesting substantial upside potential.
- Analysts view this downturn as a buying opportunity despite concerns from the cyber incident.
On May 15, 2025, Coinbase faced a notable decline in its stock value after revealing that its customer data was compromised due to cybercriminals bribing overseas support agents. This incident is projected to impose significant remediation costs on the company, estimated between $180 million and $400 million. Following the announcement, Coinbase shares fell by 7.2%, marking a significant decrease for the year and prompting concerns among investors about the safety of customer assets. Despite this setback, Oppenheimer's analyst Owen Lau emphasized that the firm maintains an 'outperform' rating for Coinbase, keeping a price target of $293, reflecting a possible 19.9% upside from the previous day's closing price. Oppenheimer's perspective suggests that the market's reaction might be overly pessimistic, discounting the company's actions to address customer safety and their overall resilience. Furthermore, Lau mentioned that even though alternative cryptocurrencies' price movements could have contributed to the stock's decline, the long-term outlook for Coinbase remains optimistic. Analyses from other experts also show divided sentiments, with 16 out of 31 analysts giving a 'strong buy' or 'buy' rating.