TD Cowen's Andrew Kligerman initiated his coverage on the Omaha-based giant with a hold rating on Monday.
Warren Buffett's Berkshire Hathaway has a new Wall Street analyst covering its stock, and he has mixed feelings about the conglomerate. TD Cowen's Andrew Kligerman initiated his coverage on the Omaha-based giant with a hold rating on Monday, along with a 12-month price target of $697,000, which would translate into a roughly 7% gain from here.
He noted that Berkshire's railroad giant BNSF has contended with wage increases and revenue declines, and its utility business BHE faces pressure from damage caused by wildfires. Meanwhile, the analyst thinks Berkshire's manufacturing, service and retailing businesses are closely tied to the U.S. economy, which continues to battle with inflation. Berkshire's insurance business has been a bright spot for the conglomerate.
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