UPDATE: J.P. Morgan Upgrades Qiwi PLC to Overweight, Raises PT on Improving Growth Outlook

In a report published Wednesday, J.P. Morgan analyst Alexei Gogolev upgraded the rating on

from Neutral to Overweight, and raised the price target from $24.00 to $40.00. In the report, J.P. Morgan noted, “Despite a positive one-off recognized in 2Q13, we are encouraged by the strong performance during the quarter and increased FY13 management guidance: we raise our EPS estimates by 13-15% for 2013-15E. As a result, we increase our PT to $40/ADS, rolling it over to end-14 (vs. $24 previously), and upgrade our rating to OW (from N) on the back of an optimistic growth outlook for both wallet and distribution divisions.” Qiwi PLC closed on Tuesday at $34.33.