In morning trading, Berkshire’s stock price rose $14,300, or 2.7%, to $547,900, surpassing the previous high $544,000 set on March 28, 2022
Rising interest rates helped Omaha, Nebraska-based Berkshire in the second quarter generate more profit from fixed-income investments, including a cash stake that grew to $147.4 billion, while fewer accident claims bolstered Geico car insurance.
That helped offset declining profit at the BNSF railroad, and lower earnings from building products companies such as Clayton Homes as well as consumer businesses such as Forest River recreational vehicles and Duracell batteries. Buffett’s company also posted second-quarter net income of $35.9 billion, reflecting unrealized gains on investments such as Apple, whose stock price rose 17.6% in the quarter.UBS analyst Brian Meredith, who rates Berkshire “buy,” raised his 12-month price target for the Class A shares to $621,591 from $608,000, calling the stock “an attractive play in an uncertain macro environment.”
Keefe, Bruyette & Woods analyst Meyer Shields, who rates Berkshire “market perform,” raised his price target to $565,000 from $545,000.The shares no longer routinely trounce the Standard & Poor’s 500 as they did when Berkshire was smaller, but over long periods can track or slightly outperform the index with less volatility.Buffett, 92, has run Berkshire since 1965.
His nearly $800 billion conglomerate also includes namesake energy, car dealership and real estate brokerage businesses, several manufacturing and industrial businesses, and consumer brands such as Dairy Queen, Fruit of the Loom and See’s Candies.Checking box will enable automatic data updates.
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