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Research Alert: Another Day... Another Berkshire Deal

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Berkshire resumed share buybacks in Q1 2026 with $234M of repurchases after no buybacks in 2025, while maintaining a cash position exceeding $380B at March 31. The company recently completed several major transactions including a $10B investment in Alphabet's $80B equity raise and acquisitions of Taylor Morrison ($8.5B) and Oxychem ($9.7B). We maintain our Hold recommendation on BRK.B shares, believing mixed fundamentals and potential erosion of the "Buffett premium" temper our outlook. Investor reaction to recent M&A has been muted, with most preferring increased share repurchases. We estimate Berkshire has $80B to $100B available for acquisitions and buybacks from its substantial cash reserves. At current levels, shares trade at approximately 22x our 2026 operating EPS estimate, roughly in line with the three-year average forward multiple of 23x. We believe eroding fundamentals and uncertainty surrounding the significant management transition, coupled with adequate valuation, merit caution in the near term.

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