TD Cowen analyst Andrew Kligerman initiated coverage of Berkshire Hathaway class B shares (BRK.B) with a Hold rating and $465 price target. The company’s “old-school conglomerate structure” has faced challenges in a number of key areas of late despite being powered by an insurance business that “continues to shine,” the analyst tells investors in a research note. The firm says Berkshire’s non-insurance businesses have weighed on the conglomerate’s results, including the railroads and utilities businesses.
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