Shares of Coinbase (COIN) slumped more than 20% before the market opened after the crypto exchange reported first-quarter revenue below estimates and weaker trading volumes. The stock has lost more than 70% this year.

While multiple Wall Street analysts see Coinbase as a leader across the broader crypto industry, they say headwinds remain in place, and many lowered their price targets early Wednesday.

“We continue to recommend Coinbase as we see it as a leader in the crypto-ecosystem, but we acknowledge that crypto is in need of a catalyst and the risk in owning Coinbase stock continues to rise with positive earnings getting pushed further to the future,” Kenneth Worthington, an equity research analyst at JPMorgan, said in a note to clients. The bank cut its price target to $171 from $258, maintaining an overweight recommendation on shares.

Coinbase said in an earnings release after the market closed on Tuesday that it expects the second quarter to be weaker than the first with respect to monthly transacting users and overall trading volumes.

Read more: Coinbase's Q1 Revenue Misses Estimate as Trading Volume Drops, Shares Fall Almost 16%

Some analysts see an opportunity in the battered shares of the crypto exchange, indicating potential for long-term growth.

Coinbase is trading as though it will “burn through all of its cash and then become insolvent,” Mark Palmer, BTIG’s equity research analyst said in a note. Eventually, investors will recognize an opportunity in the shares, he said, calling the stock drop “greatly overblown.” BTIG maintained a buy recommendation and lowered the price target to $380 from $500.

Coinbase said it remains focused on investments, while acknowledging the choppy market conditions.

“We believe these market conditions are not permanent and we remain focused on the long-term,” the company said in the earnings release. “In fact, our investment in our business now is especially critical – these periods of low volatility can provide the opportunity to focus more intently on product development (as opposed to peak periods, when we are more focused on meeting high demand). We approach the opportunities ahead with confidence and steady hands.”