CLSA cuts Dixon Tech to Underperform on memory price squeeze, sees 13% downside
CLSA downgraded Dixon Technologies with Rs 10,400 target, flagging 15-20% drop in India smartphone sales in May as global memory supercycle pressures handset volumes. Chinese brand exposure and stretched 46x FY28 PE weigh, despite Vivo JV and PLI 2.0 tailwinds.
CLSA downgraded Dixon Technologies to Underperform with Rs 10,400 target, citing India smartphone sales falling 15-20% as global memory supercycle squeezes handset volumes, Chinese brand exposure risks, and stretched valuations despite Vivo JV and PLI 2.0 hopes.