UPDATE: Morgan Stanley Initiates Coverage on Qiwi PLC with Equal-Weight Rating, $30 PT on Healthy Short-Term Prospects, Medium-Term Risks

In a report published Monday, Morgan Stanley analyst Polina Ugryumova initiated coverage on

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.