JAKARTA - JP Morgan upgraded the rating of PT GoTo Gojek Tokopedia Tbk (GOTO) shares on Tuesday (4/3), raising the rating from Neutral to Overweight.

Henry Wibowo, Head of Indonesia Research & Strategy at JP Morgan, explained that the upgrade aligns with the improved projections for GOTO’s adjusted EBITDA. “This success is attributed to the recovery strategy implemented over the past two years,” Henry stated in his research report.

Additionally, JP Morgan raised its target price for GOTO shares to IDR 95 per share, higher than the previous target of IDR 75 per share.

According to IDNFinancials.com, GOTO shares were priced at IDR 77 per share at the time of JP Morgan’s rating announcement. Since then, the share price has surged 6.49%, gaining 5 points to reach IDR 82 per share as of 13:38 WIB on Thursday (6/3).

On Wednesday (5/3), GOTO topped the list of foreign buys, with foreign investors purchasing a total of 1.81 billion shares. (KR/ZH)