Berkshire Hathaway's Class A and Class B shares fell approximately 0.8% each on Monday following a rare 'underperform' rating from Keefe, Bruyette & Woods (KBW). The downgrade comes amid growing concerns over business headwinds and the looming retirement of legendary chairman Warren Buffett, who is expected to step down by the end of this year.
The brokerage lowered Berkshire Hathaway's Class A shares to 'underperform' from 'neutral', reducing its price target to $700,000 (£526,036) from $740,000 (£556,095). The stock closed at $732,650 (£550,571) on Monday.
