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Investing.com - UBS lowered its price target on Berkshire Hathaway (NYSE:BRK-A) to $890,002 from $895,247 while maintaining a Buy rating on Wednesday.
The firm raised its third-quarter 2025 earnings per share estimate to $8,834 from $8,362 for "A" shares ($5.89 from $5.57 for "B" shares), primarily due to improvements in the insurance business, including a better accident year loss ratio at GEICO and lower catastrophe losses for BH Re.
These positive factors were partially offset by lower margins at BNSF railroad operations, which UBS attributed to modestly lower than expected volumes and higher fuel costs.
For the full year 2025, UBS adjusted its EPS projection to $31,172 from $31,005 for "A" shares ($20.78 from $20.67 for "B" shares) and projected sequential growth of 2.1% in third-quarter 2025 book value per share, benefiting from favorable investment marks.
UBS noted that Berkshire Hathaway shares are currently trading roughly in line with intrinsic value, and since the company historically repurchases shares when trading closer to a 15% discount to intrinsic value, the firm is not forecasting any share buybacks in the third quarter of 2025.
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