India's Dixon Tech slips as Morgan Stanley downgrades to 'underweight' on weak forecast

About this update from Dixon Technologies (india) Ltd.

** Electronics manufacturer Dixon Technologies NSE:DIXON falls 3% to 14,035 rupees, steepest intraday drop since May 21** Morgan Stanley downgrades to "underweight"; sets PT at 11,563 rupees, implying nearly 23% downside from last close ** MS cites rising competition in core electronics manufacturing services (EMS) segment** MS forecasts core EMS earnings to slow 46% in FY25-FY27 and 18% in FY27-FY30** Adds, post expiry of production-linked incentives in FY26, clients may shift to cheaper EMS rivals** DIXO rated "hold" by 27 analysts on avg; median PT at 17,473 rupees - data compiled by LSEG** Stock down 19% YTD

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