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Investing.com - UBS downgraded Pertamina Geothermal Energy PT (PGEO:IJ) from Buy to Neutral while raising its price target to IDR1,880.00 from IDR1,600.00.
The rating change follows a significant rally in the company’s share price, which has surged 136% since March, according to UBS analyst Timothy Handerson.
UBS noted that despite in-line Q1 2025 results and improved feasibility of growth projects, the recent price appreciation has "priced in most of the upside" for the stock.
The firm pointed out that Pertamina Geothermal is now trading at approximately 13x 2026E EV/EBITDA, which aligns with regional peers trading at 12-15x, suggesting "an even risk reward profile."
UBS identified potential upside risks including positive regulatory changes related to tariffs or fiscal incentives and faster power purchase agreement signings, while downside risks include slower-than-expected execution and a higher-for-longer interest rate environment.
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