** Shares of Dixon Technologies NSE:DIXON rise 0.5% to 17,852 rupees
** Macquarie initiates coverage with "outperform" rating; sets PT at 20,000 rupees, implying a 12.6% upside to last close
** Brokerage cites Dixon's dominance in smartphone manufacturing and its emerging component business as key growth drivers
** Notes global supply-chain realignment is creating new opportunities for the co
** Sees room to expand free cash flow margins from 1% in FY25 to 4% by FY30, supporting long-term ROCE improvement
** Dixon rated "buy" by 29 analysts on average; median target price is 18,235.5 rupees – data compiled by LSEG
** Stock down 0.5% YTD