Investec Maintains 'Buy' on Dixon Tech Despite Price Target Cut, Sees 36% Upside

• Investec maintained a 'Buy' recommendation on Dixon Technologies, cutting its price target by 21% to ₹15,000 from ₹18,900.
• The revised target still implies a 36% upside potential from the stock's last closing level.
• Dixon Technologies shares have dropped 40% in four months due to delays in government approvals for Vivo and HKC JVs and a slowdown in mobile demand.
• Investec lowered FY26-28E EBITDA estimates by 5-14% but believes current valuations (40x FY28E earnings) factor in near-term headwinds.
• Approvals for Vivo and HKC JVs are expected soon, supporting revenue growth and margin visibility in FY27-28.

Why It Matters: Investec sees significant upside for Dixon Technologies despite recent stock drop and target cut, citing factored-in risks.