** Electronics manufacturer Dixon Technologies NSE:DIXON 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