Analysts Maintain Buy Ratings on GoTo with Target Prices Up to Rp78 Ahead of Q2 Results

Jakarta (ANTARA) — A number of analysts have maintained buy recommendations on shares of PT GoTo Gojek Tokopedia Tbk (GOTO) ahead of the announcement of its second-quarter 2026 financial results on 29 July, with price targets ranging from Rp70 to Rp78 per share.

Kafi Ananta, an analyst at BRI Danareksa Sekuritas, set a price target for GOTO shares of Rp70 per share. Meanwhile, Willinoy Sitorus, an analyst at UOB Kay Hian, issued a “buy” recommendation with a price target of Rp78 per share.

Ariyanto Jahja, an analyst at Macquarie, also maintained a positive view of GOTO shares with a price target of Rp72 per share. As a result, the average price target given by analysts remains above Rp70 per share.

According to him, the policy means the company’s overall exposure to the On-Demand Services (ODS) business is relatively limited, leaving room for the company to sustain its business performance. GoTo’s management is also deemed to have prepared a number of anticipatory measures.

One step taken by the company has been to rationalise promotions and incentives for customers in order to improve cost efficiency whilst maintaining profitability amid changes to the commission structure.

In addition, he also highlighted the potential removal of GOTO shares from the MSCI index as well as risks surrounding the execution of the share buyback programme. At the General Meeting of Shareholders (GMS) on 18 June 2026, GoTo shareholders approved a buyback plan worth a maximum of Rp3.5 trillion for the 2026 to 2027 period.

Meanwhile, according to data from the Indonesia Stock Exchange (IDX), GOTO remains one of the issuers with the largest trading volumes during the second quarter of 2026. GOTO’s trading volume reached 163.16 billion shares, equivalent to 8.05 per cent of the total shares traded on the IDX during that period.