UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on Qiwi PLC on Fair Valuation

In a report published Friday, Morgan Stanley analyst Polina Ugryumova reiterated an Equal-Weight rating on

, but lowered the price target from $35.00 to $32.00. In the report, Morgan Stanley noted, “With strong execution, we believe Qiwi's leading market position is sustainable. We upgrade revenues by 2-3% for 2014-15 as growth in key segments is maintained, revenues from inactive eWallets are maintained and Qiwi replaces falling revenues from banks advertising. We now assume 21% revenue growth in 2014, in line with management's 20-22% guidance. However, we see longer-term risks to earnings due to intensifying competitive pressure, a requirement to intensify marketing opex (which already negatively impacted 4Q13 margins) and expected changes in regulation.” Qiwi PLC closed on Thursday at $35.64.