Shares of Dixon Technologies, which have delivered multibagger returns of 321% in three years and 976% in five years. look set for further upside in a year, believes global brokerage UBS. The EMS stock has been upgraded to 'buy' with a target price of Rs 23,000 per share, an upside of 27% from the previous close of Rs 18,133. Advertisement

According to the brokerage, the company is entering a new growth phase through backward integration into non-semiconductor smartphone components.

This could push the EBITDA margin by 110 Bps by FY28 against consensus of 40 Bps.

Dixon Technologies is expected to benefit from entry into key areas such as displays, camera modules, enclosures, and batteries, which should support both growth and margin expansion.

Meanwhile, the stock of the electronics

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