Telekom Indonesia downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Telekom Indonesia (TLK) to Neutral from Overweight with a price target of IDR 2,900, down from IDR 3,650. The firm anticipates the company’s revenue will remain under pressure, and says earnings growth and revisions are likely to be negative in 2025. As its challengers continue to seek an expansion of their networks and customers, Telekom Indonesia could continue to face competitive pressures, the analyst tells investors in a research note.