Coinbase selloff overdone, says Oppenheimer

Oppenheimer analyst Owen Lau keeps an Outperform rating and $293 price target on Coinbase (COIN) while noting that today’s 7.2% selloff in the stock following a cyberattack disclosure and a NY Times report of an SEC probe is “overdone”. The former impacts the company’s reputation but appears to be an isolated case, and the expected remediation cost of $180-$400M – while high – intends to send a message that customers’ funds are safe, the analyst tells investors in a research note. The latter announcement stems from an old investigation started under previous administration related to a metric that Coinbase stopped reporting 2.5 years ago, the firm adds.