UBS is getting more bullish on Berkshire Hathaway stock heading into the company’s first-quarter earnings report. In fact, analyst Brian Meredith said the so-called Baby Berkshire Class B shares of Warren Buffett’s conglomerate are a “safe haven in a turbulent environment.” The analyst reiterated a previous buy rating on Berkshire’s Class B stock, raising his 12-month price target to $606 per share from $557. That implies roughly 14% upside from Friday’s $530.96 close. The analyst also lifted his first-quarter earnings estimate to $4.89 per share from $4.81, citing improved underlying loss ratios for Geico, Buffett’s premier holding. BRK.B YTD mountain Berkshire Class B has gained nearly 18% in 2025. While the analyst noted that President Donald Trump’s tariffs may push up the cost of insurance repairs and payouts, Geico is strong enough financially to weather the increases. “We expect tariffs to potentially increase claims costs by 3% – 4% at Geico, however, given current profitability, Geico may be able to absorb the additional costs without raising prices and stay within target margins,” Meredith said. Berkshire reports first-quarter results on May 2, followed by its annual shareholder meeting in Omaha on May 3. The UBS analyst will be looking for more information concerning what plans, if any, Berkshire has to deploy its record $334 billion in cash holdings. Analysts polled by FactSet forecast earnings per share of $4.72 on revenue of $90.8 billion in the March quarter.
