The Block Crypto News9 minutes ago

Published on June 20, 2024 16:12 GMT+00:00edited on June 20, 2024 16:14 GMT+00:00

Shares of DeFi Technologies (DEFTF) plunged this week after a popular crypto newsletter issued a negative report about the company. Though the stock gained 3,400% in the 12 months immediately before the selloff, one analyst remains bullish on it despite the price drop on Tuesday. It dropped as much as 44% from its Monday highs on the over-the-counter market, though it is still up 85% month-to-date. 

“While DEFI’s shares may have been due for a healthy pullback after their exceptionally strong recent rally, we view the extent of the sell-off as overdone, and we regard the stock’s significant repricing as an attractive buying opportunity,” wrote investment bank Benchmark's senior research analyst Mark Palmer. He reiterated a “buy” rating on and CA$3.00 price target.

DeFi Technologies …