Deutsche Bank on Qiwi

In a research note released Monday, Deutsche Bank analyst Bob Kommers initiated coverage on Qiwi

with a buy rating and a $60 price target. The analyst expects Qiwi to win and gain Russia's market share for its e-payment system. Qiwi is also benefiting from the transition from physical stores on online stores. In addition the company has gained market share in the following categories loan repayment, remittance and e-commerce market, and this should increase CAGR by 31%. Shares of the company are up three percent on Monday.