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Why Qiwi Stock Just Crashed 20%

TheMotleyFool

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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.

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).

Source Fool.com

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