Berkshire price target raised to $645,000 from $610,000 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on Berkshire Hathaway (BRK.A) to $645,000 from $610,000 and keeps a Market Perform rating on the shares. The company’s Q4 operating earnings per share of $5,878 beat the Street’s $5,717 estimate, reflecting outperformance in Geico and a lower than expected tax rate, partially offset by lower than expected income in virtually all other segments, the analyst tells investors in a research note. The firm expects the earnings beat and material share repurchases to modestly boost Berkshire’s shares today. However, it says Berkshire issued cautious commentary on utilities.