** UBS raises rating on India's Dixon Technologies NSE:DIXON to "buy" from "neutral" earlier, hikes price target to Street high of 23,000 rupees ($259.39) from 13,000 rupees
** New PT reflects a ~27% upside on last close
** DIXO shares rose as much as 1.7% to 18,471 rupees, hitting their highest level since early January
** UBS says co's backward integration into non-semiconductor smartphone components will likely aid 110-basis-point improvement in EBITDA margins by FY28
** Expects co to deliver $11 billion revenue by FY28; sees components' expansion, steady exports, new verticals as strong growth prospects beyond FY28
** Brokerage says co's pace of inorganic growth, based on recent JVs, underscores DIXO's ability to unlock new growth drivers
** Estimates FY25-28 revenue CAGR of 36% and PAT CAGR of 46%
** Stock rated "buy" on avg, median PT at 18,311 rupees - data compiled by LSEG
** YTD, DIXO up ~2%
($1 = 88.6700 Indian rupees)