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The following is a list of stocks from Brazil, Russia, India and China, i.e. the BRIC nations. All of the stocks mentioned below are deeply undervalued, when comparing the current price to the average analyst target price (used as a proxy for fair value).

To create this list, we started with a universe of about 140 BRIC stocks. We then collected price and analyst target price data, and sorted the list by the current price's discount to the average analyst target price. In other words, analysts seem to think these companies are deeply undervalued.

Yes, there are many limitations to this approach of finding undervalued companies, but the goal here is to give a value-oriented investor a starting point for his or her own analysis.

Price target data sourced from Finviz.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by the discount to analyst target price.

1. Companhia de Bebidas Das Americas (ABV): Brazil. Beverages Industry. Market cap of $84.03B. Price at time of writing $27.08 vs. target price of $40.31 (discount of 32.82%). Short float at 0.94%, which implies a short ratio of 2.76 days. The stock has gained 42.83% over the last year.

2. China Digital TV Holding Co., Ltd. (STV): China. Application Software Industry. Market cap of $396.61M. Price at time of writing $6.81 vs. target price of $10.1 (discount of 32.57%). Short float at 0.43%, which implies a short ratio of 0.51 days. The stock has gained 7.24% over the last year.

3. AsiaInfo-Linkage,Inc. (ASIA): China. Security Software & Services Industry. Market cap of $1.35B. Price at time of writing $18.09 vs. target price of $26.26 (discount of 31.11%). Short float at 5.06%, which implies a short ratio of 2.53 days. The stock has lost -27.2% over the last year.

4. JA Solar Holdings Co., Ltd. (JASO): China. Semiconductor Industry. Market cap of $1.25B. Price at time of writing $7.40 vs. target price of $10.7 (discount of 30.84%). Short float at 20.17%, which implies a short ratio of 3.16 days. The stock has gained 61.87% over the last year.

5. Deer Consumer Products, Inc. (OTC:DEER): China. Home Furnishings & Fixtures Industry. Market cap of $371.84M. Price at time of writing $11.07 vs. target price of $16.00 (discount of 30.81%). Short float at 12.26%, which implies a short ratio of 8.35 days. The stock has lost -3.23% over the last year.

6. Home Inns & Hotels Management Inc. (HMIN): China. Lodging Industry. Market cap of $1.5B. Price at time of writing $36.81 vs. target price of $52.89 (discount of 30.4%). Short float at 6.51%, which implies a short ratio of 3.74 days. The stock has gained 13.89% over the last year.

7. China Real Estate Information Corporation (CRIC): China. Internet Information Providers Industry. Market cap of $1.27B. Price at time of writing $8.82 vs. target price of $12.66 (discount of 30.33%). Short float at 2.47%, which implies a short ratio of 22.42 days. The stock has lost -0.9% over the last year.

8. Mobile Telesystems OJSC (MBT): Russia. Wireless Communications Industry. Market cap of $19.15B. Price at time of writing $19.98 vs. target price of $28.11 (discount of 28.92%). Short float at 0.22%, which implies a short ratio of 0.77 days. The stock has gained 1.63% over the last year.

9. UTStarcom, Inc. (UTSI): China. Wireless Communications Industry. Market cap of $322.48M. Price at time of writing $2.14 vs. target price of $3.0 (discount of 28.67%). Short float at 6.89%, which implies a short ratio of 14.43 days. The stock has gained 1.9% over the last year.

10. Perfect World Co., Ltd. (PWRD): China. Application Software Industry. Market cap of $1.2B. Price at time of writing $23.89 vs. target price of $32.87 (discount of 27.32%). Short float at 3.37%, which implies a short ratio of 1.93 days. The stock has lost -36.4% over the last year.

11. 7 Days Group Holdings Limited (SVN): China. Lodging Industry. Market cap of $978.4M. Price at time of writing $19.69 vs. target price of $26.41 (discount of 25.44%). Short float at 6.52%, which implies a short ratio of 4.54 days. The stock has gained 56.89% over the last year.

12. China-Biotics, Inc. (OTCQB:CHBT): China. Drug Manufacturers Industry. Market cap of $313.64M. Price at time of writing $14.16 vs. target price of $18.67 (discount of 24.16%). Short float at 30.54%, which implies a short ratio of 9.51 days. The stock has gained 1.43% over the last year.

13. Harbin Electric, Inc. (HRBN): China. Industrial Electrical Equipment Industry. Market cap of $588.44M. Price at time of writing $18.83 vs. target price of $24.67 (discount of 23.67%). Short float at 26.13%, which implies a short ratio of 7.89 days. The stock has gained 1.95% over the last year.

14. ICICI Bank Ltd. (IBN): India. Foreign Regional Banks Industry. Market cap of $26.41B. Price at time of writing $46.01 vs. target price of $60.0 (discount of 23.32%). Short float at 1.62%, which implies a short ratio of 1.66 days. The stock has gained 29.9% over the last year.

15. HDFC Bank Ltd. (HDB): India. Foreign Regional Banks Industry. Market cap of $22.97B. Price at time of writing $149.89 vs. target price of $195.0 (discount of 23.13%). Short float at 0.69%, which implies a short ratio of 2.7 days. The stock has gained 19.82% over the last year.

Source: Top 15 Most Undervalued BRIC Stocks by Analyst Target Price