On June 22, 2011, Citi Asia Pacific proudly set a target price for Adaro Energy (ADRO) of Rp3,550, arguably based on a 2011 EV/EBITDA of 8 x. The highest price of ADRO since July 2011 is Rp2,700. On Tuesday, January 31, 2012, Adaro closed slightly higher by 0.55% to Rp1,830.
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