Goldman Sachs Maintains ‘Sell’ on Dixon, Sees 20% Downside

Goldman Sachs has maintained a ‘Sell’ rating on Dixon Technologies, setting a price target of Rs 10,500, which suggests a potential 20% decline from current levels. The brokerage acknowledges Dixon’s efforts to increase value addition in its Mobile and Electronics Manufacturing Services (EMS) segments but believes the benefits will be offset by the discontinuation of Production-Linked Incentive (PLI) benefits for mobile phones in FY26. Despite the stock surging 180% in 2024, it is currently trading lower at Rs 13,182.