Berkshire Hathaway price target lowered to $482 from $495 at TD Cowen

TD Cowen lowered the firm’s price target on Berkshire Hathaway (BRK.B) to $482 from $495 and keeps a Hold rating on the shares. The firm is adjusting its model on the stock, with increased estimates across sub-segments for catastrophe losses in accordance with guidance on the impact of California wildfires in the Insurance segment, and in the GEICO sub-segment, TD Cowen has modestly decreased written premium estimates while modestly decreasing expected underwriting expenses and modestly decreasing the expected adjusted accident year loss ratios, the analyst tells investors in a research note.