UBS upgrades Dixon Technologies to Buy, raises target to ₹23,000, forecasting strong growth by FY28.

• Backward integration into smartphone components to boost EBITDA margins by 110 basis points by FY28.
• Revenue projected to reach $11 billion by FY28, driven by exports, components, new verticals and growth.
• Inorganic growth through recent JVs highlights ability to unlock additional drivers, supporting 36% revenue CAGR.