DeFi Technologies Stock Sell-Off is 'Attractive Buying Opportunity,' Benchmark Says
Summary
DeFi Technologies' stock sell-off is overdone and now presents a good buying opportunity, according to Wall Street broker Benchmark. The company's shares, which had gained over 330% since May, recently plummeted following a decline in altcoins and a negative opinion piece in a crypto newsletter. Most of DeFi's exchange-traded products (ETPs) are altcoin-focused, and the slump in these tokens negatively impacted the share price. However, Benchmark analyst Mark Palmer believes the sell-off is overdone and the stock's significant repricing offers an attractive buying opportunity. He maintains a buy rating on the stock with a C$3 price target. DeFi has responded to the negative article, calling it a "misleading short and distort report".
