UPDATE: J.P. Morgan Downgrades Qiwi, 'Further Outperformance Will Require Positive Surprises'

In a report published on Tuesday, J.P. Morgan analyst Alexei Gogolev downgraded Qiwi QIWI from Overweight to Neutral and maintained a price target of $24.

In the report, J.P. Morgan stated, "Since late May 2013 Qiwi shares are up almost 50% (up 34% since IPO of May 5, 2013) and yesterday in the intra-day trading Qiwi share price had touched our June-14 PT of $24. With no visible reasons to increase our projections we downgrade our Qiwi rating to Neutral, keeping our PT unchanged."

Qiwi closed on Monday at $22.