HDFC Securities: Dixon Stock Downgraded, Canara Bank Kept at 'Add'

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AuthorAarav Shah|Published at:
HDFC Securities: Dixon Stock Downgraded, Canara Bank Kept at 'Add'
Overview

HDFC Securities issued its Q4 review, offering mixed outlooks and stock calls. Dixon Technologies was downgraded to 'Reduce' with a ₹10,560 target due to margin pressure and slow demand. Canara Bank retained an 'Add' rating at ₹155, despite earnings volatility. Dr. Reddy's also kept a 'Reduce' rating at ₹1,260, facing US business challenges.

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Dixon Technologies Faces Headwinds

HDFC Securities downgraded Dixon Technologies to 'Reduce' with a target price of ₹10,560. The brokerage cited modest 2% year-on-year revenue growth alongside declining EBITDA due to margin compression. The outlook remains challenging, affected by withdrawn Production Linked Incentive (PLI) schemes and sluggish handset market demand.

Canara Bank: Mixed Signals

Canara Bank reported steady loan growth of approximately 16% year-on-year, driven by its retail and MSME segments. However, earnings were impacted by weaker treasury income and reliance on non-core revenue streams. HDFC Securities maintained an 'Add' rating with a ₹155 target, but raised concerns over the bank's deposit franchise strength and earnings volatility.

Dr. Reddy's Faces Sales Decline

Dr. Reddy's Laboratories saw a significant 42% year-on-year drop in EBITDA. This downturn was linked to a sales decline and margin contraction, largely from a sharp drop in its United States business. Growth visibility depends on Semaglutide launches and its biosimilars pipeline. HDFC Securities reiterated its 'Reduce' rating with a target price of ₹1,260.

The report also covers calls for Berger Paints, Syrma SGS Technology, and Stylam, offering investors varied perspectives on the latest quarterly results.

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