In a report published Monday, Morgan Stanley analyst Polina Ugryumova initiated coverage on Qiwi PLC QIWI with an Equal-Weight rating and $30.00 price target.
In the report, Morgan Stanley noted, “Qiwi's premium valuation (~16x EBITDA 2014e) reflects healthy short-term prospects, and strong current trading will continue to support the shares. However, medium term, we see risks emerging – in particular, loss of share in the eWallet market as competition increases. Hence we initiate with EW.”
Qiwi PLC closed on Friday at $31.03.
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