HDFC Securities retains Reduce on Dixon, raises target price to Rs 12,660
HDFC Securities cited margin pressure following the expiry of the PLI 1.0 scheme and demanding valuations, while acknowledging Dixon Technologies’ longer-term opportunities in display manufacturing, exports and its Vivo joint venture.
HDFC Securities retained a Reduce rating on Dixon Technologies while raising its target price to Rs 12,660. It cited margin pressure after PLI 1.0 expiry and demanding valuations, despite long-term opportunities in display manufacturing, exports and the Vivo joint venture.
Why this matters
The call follows Dixon's Noida capacity expansion and new JVs, alongside Q1 revenue growth to Rs 15,547 crore and reported margin tightening.
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