UPDATE: Nomura Reiterates Buy Rating, Raises PT on Berkshire Hathaway Following 4Q13 Earnings Report

In a report published Monday, Nomura analyst Clifford Gallant reiterated a Buy rating on

, and raised the price target from $194,000.00 to $199,000.00. In the report, Nomura noted, “Berkshire reported 34.8% 4Q13/12 operating earnings growth, just below our estimate. Book value grew an impressive 6.5% over the quarter. In Primary, volumes hit a high and Mr. Buffett expects “substantial” business for the recently formed BHSI. BNSF positively surprised, driven by the US energy boom. Utilities were hurt by UK rebates and NV Energy refunds. Mr. Buffett emphasized “building operating earnings” in his commentary and we believe that increasingly, operating earnings are the main driver of value. We view current valuation of 1.28x book (with a pledge to be ‘aggressive' with buybacks at 1.2x), as attractive for a stable and strong mix of long-term earnings streams.” Berkshire Hathaway closed on Friday at $173,708.00.