One cannot rely on these analysts' upgrades and downgrades solely. Although there opinions affect the short-term price, one has to take a more robust view. The robust view of FII is that it is one of the premier companies in its peer group and should be examined based on its earnings potential and "value." We have seen nothing to suggest that either of these aspects of valuation have fundamentally changed. Should the stock be downgraded merely because it has had a nice run? I do not think so. Yes there will be investors who take some money out of this stock, but do not be fooled by this. Fundamentally FII keeps on growing. Good luck to all FIIers.