Edward Jones analyst dissects Berkshire results, sees Abel restoring investor confidence
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Edward Jones analyst James Shanahan reported that Berkshire Hathaway's Q3 results exceeded expectations, driven by improvements in its insurance business and contributions from Precision Castparts. Shanahan noted a significant cash increase to nearly $390B and highlighted the company's recent acquisition of Occidental's chemical business for $9.7B. With Warren Buffett stepping down as CEO, Shanahan believes successor Greg Abel will restore investor confidence, despite recent stock underperformance. Edward Jones upgraded Berkshire's stock rating to Buy, anticipating that increased investment activity could boost share prices.
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