** 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