UPDATE: Credit Suisse Initiates Coverage on Qiwi PLC with Outperform Rating, $22 PT on Leading Market Position

In a report published Tuesday, Credit Suisse analyst Georgios Mihalos initiated coverage on Qiwi PLC QIWI with an Outperform rating and $22.00 price target. In the report, Credit Suisse noted, “We are initiating coverage of QIWI with an Outperform rating and $22 target price. QIWI is a leading provider of electronic payment services in Russia and the CIS. In geographies where cash is still king (over 90% of retail payment volume in Russia is transacted with cash), QIWI employs a unique business model leveraging physical Distribution (kiosk network) with digital wallets (Visa QIWI Wallet) to enable consumers to reach over 40,000 merchants electronically. With a greater portion of revenue being sourced from the faster-growing, higher margin-yielding Wallet business, we expect QIWI to drive net revenue and adj. EPS growth of 20%-plus and 25%-plus, respectively, through 2015, the fastest rate of growth in our universe.” Qiwi PLC closed on Friday at $16.17.