JPMorgan analyst Alexei Gogolev says many investors attribute the nearly 20% pullback in QIWI shares over the last three trading sessions to possible changes to the recently introduced regulation of the Russian kiosk industry. There have been no changes to the regulation since implementation on September 1, the analyst tells investors in a research note. Rather, Gogolev thinks the recent pullback in shares may have been caused by the uncertainty in the equity markets following the recent Fed decision and a lack of investor interest towards investing in growth stories operating in emerging markets. The analyst points out that QIWI's FY15 guidance already incorporates kiosk volume declines. Gogolev recommends buying the stock on dips and keeps an Overweight rating on the name with a $45 price target. Shares of the provider of payment services fell $1.32 to $16.15 in yesterday's trading.