Dixon Technologies shares have fallen to a 16-month low, dropping 33-35% from September highs. This decline is attributed to investor concerns over potential cuts to FY27 earnings per share estimates and uncertainty surrounding IT hardware import norms, as highlighted by Morgan Stanley. Despite a bearish outlook from Morgan Stanley, CLSA maintains an 'Outperform' rating, citing potential growth drivers like pending approvals for joint ventures. The company's IT hardware revenue guidance is also under scrutiny.