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.
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).
For further details see:
Why Qiwi Stock Just Crashed 20%