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RHB Sekuritas and UBS Sekuritas retained buy ratings for PT Pertamina Geothermal Energy Tbk. (PGEO) with price targets of Rp1,530 and Rp1,780, respectively. As of January 21, 2026, PGEO shares were priced at Rp1,230, reflecting a year-to-date increase of 9.33%.

A consensus from 15 out of 18 analysts set a price target of Rp1,715.91, indicating a potential return of 39.5%. PGEO's valuation is considered relatively cheap compared to peers, trading at 9.2 times EV/EBITDA 2026, while maintaining a higher EBITDA margin of approximately 80%. Analysts noted PGEO's potential for performance exceeding market expectations due to underpricing of non-fossil power generation capacity.