Berkshire Hathaway looks like an attractive investment, according to Argus.
The research firm upgraded the Warren Buffett-led conglomerate to buy from hold. Analyst Kevin Heal also set a target price of $450, implying that Class B shares could rise 11% from their Tuesday close. "On valuation, the stock is trading at 21-times our 2024 operating EPS forecast, below the current S & P 500 multiple of 24-times," Heal wrote. This discounted valuation comes even as Berkshire Hathaway Class A shares are up 12% for the year, outpacing the broad market index.
Heal pointed out that Berkshire has consistently shown strong performance, with its stock returns doubling those of the S & P 500 since 1965. Meanwhile, the company's financial strength remains high, with the analyst pointing to Berkshire's cash position and equity investments of $188 billion and more than $330 billion, respectively, as of March 31. Berkshire recently revealed Chubb as the confidential stock it had been buying for several quarters.
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