JPMorgan Cuts Kaynes, Dixon Tech Targets by 30% But Stays Bullish on EMS Stocks

• JPMorgan cut price targets for EMS players Kaynes Technology and Dixon Technologies, but maintained an "overweight" rating, signaling continued bullishness.
• Kaynes Tech's target was reduced by 20% to ₹6,100 (from ₹7,550), still implying a nearly 60% upside potential.
• Dixon Tech's target saw a 30% cut to ₹13,700 (from ₹19,600), with an implied upside of 15%.
• Dixon's target cut is due to expected flat YOY revenue, mobile volume weakness, and delays in the Vivo JV approval.
• Kaynes faces potential FY26 revenue guidance cut due to Kavach program delays, but automotive/industrial growth and smart meters could boost margins.

Why It Matters: JPMorgan cuts price targets for Kaynes, Dixon Tech but remains bullish on their long-term prospects.