Keefe Bruyette raised the firm’s price target on Berkshire Hathaway (BRK.B) (BRK.A) to $750,000 from $735,000 and keeps a Market Perform rating on the shares. The company’s Q3 operating earnings per share of $7,023 missed the Street’s $7,335 estimate, reflecting lower-than expected property and casualty underwriting and Manufacturing, Service and Retailing income, and higher than expected “other” losses, partly offset by higher than expected Railroads, Utilities, and Energy income and insurance investment income, the analyst tells investors in a research note. The firm expects the earnings miss and no share repurchases to pressure Berkshire shares on Monday. However, Keefe increased the price target to reflect updated earnings estimates and peer valuations.
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