>Infosys ADR (FSA)

Fundamental research indicates a 14% upside in the common stock over the next 6-12 months. We
have calculated the target price based on fundamental factors, using a weighted average of target
prices obtained using DCF and comparative valuation methodologies.
We reiterate the common stock a BUY, with a 6-12 month target price of INR1,400.

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