India's Dixon Technologies rises after B&K Securities initiates with 'buy'

Electronics manufacturer Dixon Technologies DIXO.NS rises as much as 3% to 15,668 rupees; last up 1.2%

Batlivala & Karani Securities initiates stock coverage with "buy", sets PT at 18,946 rupees, implying a ~23% upside to current price

Brokerage says, co has evolved from a traditional electronics services provider to a backward integrated, export oriented manufacturer, that is backed by structural tail winds such as India's manufacturing goals and the China plus one strategy

Adds, continued scale up of mobile and IT hardware segments as well as exports should help DIXO post revenue and profit after tax CAGR of 42% and 69% respectively over FY25-27E

Points out room for expansion given its current market share of 12%-14% in electronic manufacturing services (EMS)

Stock rated 'buy' on avg by 28 analysts; median PT at 17,552 rupees

DIXO down 14.2% YTD