Warren Buffett’s Berkshire Hathaway has been upgraded at Edward Jones as the group’s recent sell-off has made its shares attractive. Edward Jones analyst James Shanahan upgraded Berkshire’s rating to buy from Wednesday’s hold, adding the stock to the Wall Street company’s “American Focused List”. The move follows a 6% drop over the past month amid concerns about rising interest rates and the economy. Class A shares are down 22% from their all-time high hit in March. “We believe the sell-off has created an attractive entry point for long-term investors, as Berkshire’s revenue and earnings benefit from a pool of active and invested companies,” said Shanahan. diversity,” said Shanahan. The group’s business is a patchwork of companies spanning from railroads, to batteries, insurance, home furnishings and retail. Berkshire also manages an equity portfolio worth over $300 billion. Berkshire’s operating profit jumped 38% year-over-year in the second quarter despite concerns about slowing growth. The “Oracle of Omaha” has increased its energy exposure this year with increased bets on Chevron and Occidental Petroleum. “We believe higher interest rates, additional investment activity and accelerated share buybacks will further support earnings per share,” said Shanahan.
