Berkshire's Yen Borrowing Plans Take Shape as Analysts Tune Their Models
Published on 11/15/2026 at 15:11 | Editorial boerse-global.de
Berkshire Hathaway is lining up fresh debt in Japan while Wall Street recalibrates what the conglomerate's shares are worth. The company intends to raise 182.3 billion yen through a five-tranche bond sale, according to a term sheet reviewed by Reuters on Friday, with settlement scheduled for November 19.
The funding move lands in the same week that TD Cowen lifted its price target on Berkshire from $792,000 to $834,000, replacing the firm's prior valuation. The stock finished Friday up 0.8%.
TD Cowen's revision follows a similar move by Keefe, Bruyette & Woods, which on November 9 raised its target on the Class A shares from $735,000 to $765,000 — even as it kept an "Underperform" rating on the name. KBW pointed to operating earnings of $8,907 per share in the third quarter of 2026 to justify the higher number, meaning the improved target came alongside a still-negative recommendation.
Should investors sell immediately? Or is it worth buying Berkshire Hathaway?
Insurance Results Take a Hit
The third-quarter figures themselves were mixed. Operating profit came in at $12.7 billion, down 5.8% from $13.5 billion a year earlier. The underwriting result across Berkshire's insurance and reinsurance operations fell 43% to $1.35 billion, though the Tokio Marine business helped prop up premiums in property and casualty reinsurance.
Shareholders got some support from the company's own balance sheet: Berkshire repurchased roughly $9.6 billion of its own stock during the quarter and added about $2 billion more in October, extending the buyback program past the quarter's close.
A Record Run Against a Soft Tape
Berkshire's shares pushed to record highs on November 7 even as the broader market sagged. Reuters attributed the relative strength to investors rotating into higher-quality companies with less volatility, citing Berkshire's diversified operations and sturdy balance sheet as potential supports. The buybacks were also flagged as a possible tailwind.
Next on the calendar is November 16, the deadline for Berkshire's Form 13F filing covering its equity holdings in the third quarter of 2026.
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