Berkshire Hathaway shares just hit a record high on the back of strong second-quarter results, but Wall Street analysts believe it's still not too late to buy Warren Buffett's conglomerate. Investors cheered a strong quarterly repor t that showed a rebound in insurance operations as well as a massive cash hoard that swelled to nearly $150 billion. Berkshire's Class A shares climbed as much as 3.2% Monday to hit a record high of $550,660. UBS analyst Brian Meredith said Berkshire shares still trade at an 11% discount to intrinsic value even after the earnings-triggered rally. The analyst hiked his 12-month price target to $621,591 from $608,000, which would translate to a 16% gain. "Shares remain attractively valued," Meredith said. "We continue to believe BRK's shares are an attractive play in an uncertain macro environment." 'Attractive entry point' Edward Jones analyst James Shanahan echoed that view, seeing earnings growth potential on the back of higher interest rates and additional investment activity. Omaha-based Berkshire's operating earnings on an array of businesses — from GEICO insurance to BNSF Railway and from Dairy Queen to See's Candies — totaled $10.04 billion last quarter, 6.6% higher than the same quarter a year ago. BRK.A YTD mountain Berkshire Hathaway "We believe that the current share price represents an attractive entry point for long-term investors. Berkshire's revenues and earnings benefit from a diverse group of operating companies and investments," Shanahan said. KBW's Meyer Shields also raised his Berkshire target price following the holding company's earnings, lifting his objective to $565,000 from $545,000. The new forecast would translate to a 6% gain. — CNBC's Michael Bloom contributed reporting.