Subject: COWEN initiates
BRK - Initiate w/ Hold, PT $465/$697,000 - Oracle of Omaha Continues to Deliver - Berkshire Hathaway's old-school conglomerate structure has faced challenges in several key areas of late despite being powered by an insurance business that continues to shine. Insurance is a bright spot (see 25 pp deep dive on insurance ops) but non-insurance businesses weigh on the conglomerate with earnings at BRK non-insurance subs disappointing of late. Slow buybacks may indicate stock near intrinsic value.