Berkshire’s slide from late-March highs makes it more ‘appealing’
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Berkshire Hathaway’s Class B shares ended the week 1.7% higher after an analyst upgrade and a Barron’s piece on why the stock has become “more appealing” over the past two months.
CNBC Pro reports Argus analyst Kevin Heal raised his rating to “buy” from “hold” with a target price of $450 for the Class B shares.
That would be a gain of 9% from today’s close of $414.40.
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Even with a year-to-date gain of 16%, Hart likes the stock’s valuation at “21-time our 2024 operating EPS forecast, below the current S&P 500 multiple of 24-times.”
Barron’s Andrew Bary notes that as Berkshire stock has been falling from its all-time closing highs in late March, its book value has been rising, making it more attractive.
That’s largely due to gains for Apple, its biggest equity holding, currently valued at $152 billion.
Over the same period that Berkshire’s B shares fell as much as 4%, Apple gained almost 11%, adding more than $16 billion to the value of Berkshire’s stake in the company.
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