Warren Buffett is doing in 2022 what he's frequently done throughout his career -- beating the market. However, Berkshire Hathaway (BRK.A -0.23%) (BRK.B -0.28%) still hasn't been much of a winner, with its shares at nearly the same level they were at the beginning of the year.
Though, if analysts are right, the Oracle of Omaha just might be able to continue his market-beating ways in 2023. According to Wall Street, these three Buffett stocks could soar by 39% to 83% next year.
1. Snowflake
Buffett himself likely didn't make the call to buy Snowflake (SNOW -0.44%) for Berkshire's portfolio. One of his two investment managers -- Todd Combs or Ted Weschler -- probably led the charge. However, Buffett clearly went along for the ride. And it's been a wild one so far.
Berkshire quickly made close to $800 million after Snowflake's initial public offering (IPO) in 2020. The tech stock, though, has crashed nearly 60% so far this year, making it one of Buffett's biggest losers.
However, Wall Street remains bullish about Snowflake. The consensus price target for the stock represents an upside potential of 39%. In November, 28 of the 41 analysts surveyed by Refinitiv rated Snowflake as either a buy or a strong buy, with only one recommending investors sell the stock.
Buffett and his team seem to be content to wait on a rebound. So far, Berkshire hasn't sold a single share of Snowflake.
2. Amazon
There's no question that Buffett is a brilliant investor. But he has called himself an "idiot" for not buying shares of Amazon (AMZN 0.75%) sooner. Berkshire's younger investment managers helped remedy the mistake, initiating a position in the e-commerce and cloud-hosting giant in 2019.
Over time, Berkshire added significantly to its stake in Amazon. Even with this increase, the stock still represents only 0.3% of the conglomerate's total portfolio. That's been a good thing in 2022, with Amazon's shares falling nearly 50%.
Wall Street believes a big rebound could be on the way next year. The consensus price target for the stock is close to 60% above the current share price. Of the 47 analysts surveyed by Refinitiv in December, 43 view Amazon as either a buy or a strong buy.
Amazon hasn't traveled this much below its previous high in more than a decade. So why isn't Buffett buying the stock hand over fist? Probably the main reason is that he thinks other alternatives offer even more attractive valuations.
3. Nu Holdings
Buffett isn't heavily invested outside of the U.S. However, Nu Holdings (NU -0.36%) is one of the seven international stocks in his Berkshire portfolio. Berkshire first invested in the Brazilian fintech company in 2021.
Nu Holdings is neck-and-neck with Snowflake as Berkshire's worst-performing stock of 2022. Its shares have plunged nearly 60% year to date.
However, Wall Street thinks Nu's troubles should only be temporary. The average price target for the fintech stock is a whopping 83% higher than the current share price.
However, there's more dissent among analysts with Nu than for Amazon and Snowflake. Although 10 of the 17 analysts surveyed in November by Refinitiv rated Nu as a buy or strong buy, four recommended holding the stock, and three gave it an "underperform" rating.
Buffett and his investment managers appear to align more with the Nu Holdings bulls. Berkshire hasn't sold any of its stake in Nu this year as the stock was tanking.
