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Shares of Cyprus-based (but Russian) online payment services company
Qiwi (NASDAQ:QIWI) collapsed Thursday morning, falling 20.4% through 10:30 a.m. EST. J.P. Morgan downgraded Qiwi stock to underweight this morning, but two things argue against this being to blame for Qiwi s crash.
Image source: Getty Images.
So what
First, although J.P. Morgan downgraded the stock, it left Qiwi at a $14 price target, a valuation $0.41 above where Qiwi traded at the close yesterday (and a good 29% more than it cost this morning).
And second, J.P. Morgan had a very good reason to downgrade the stock. Last night, Qiwi filed a notice with the Securities and Exchange Commission saying that, after a scheduled audit of the company s books for the period from July 2018 to September 2020, the Central Bank of Russia discovered certain violations and deficiencies relating primarily to reporting and record-keeping requirements at the company. As punishment, the Central Bank has imposed a fine of a