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The conglomerate posted June quarter operating profits of $4,190 per Class A share, up 67 percent year over year and higher than the analyst consensus of $3,387 per share, according to Thomson Reuters.
J.P. Morgan reiterated its overweight rating for Berkshire Hathaway shares, citing the company's strong performance across many of its businesses.
"Berkshire reported strong 2Q operating earnings that significantly exceeded our estimate and consensus, driven by better than expected earnings across nearly all segments, particularly insurance," analyst Sarah DeWitt said in a note to clients Monday. "Earnings at Burlington Northern, Manufacturing, Service, Retail and Financial Products also exceeded our outlook while utility earnings were lower than we expected. Strong 2Q results at Berkshire reinforce our positive outlook."
DeWitt reaffirmed her $235 price target for Berkshire Hathaway Class B shares, representing 17 percent upside to Friday's close.
The Class B shares closed up 2.9 percent Monday after the results.
The company's stock has underperformed the market this year. Its shares are up 1 percent for the year through Friday versus the S&P 500's 6.2 percent gain.
Each share of Berkshire Hathaway Class A stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock.