Warren Buffett looks ahead a lot more than he looks back. That's what every investor should do.

The Oracle of Omaha had several big winners in Berkshire Hathaway's (BRK.A -0.76%) (BRK.B -0.69%) portfolio during the first half of 2023. But those aren't the stocks that will necessarily be his best stocks looking ahead. Wall Street thinks these Buffett stocks could skyrocket the most over the next 12 months.

1. Liberty SiriusXM Group

Wall Street is more bullish about Liberty SiriusXM Group (LSXMA -0.90%) than any other Buffett stock. The consensus 12-month price target for the media stock reflects an upside potential of more than 39%.

Not every analyst is gung-ho about Liberty, but most are. Of the eight analysts recently surveyed by financial technology expert Refinitiv, six rate the stock as either a buy or a strong buy. The remaining two analysts recommend holding the stock. 

Why is Wall Street generally optimistic about Liberty? For one thing, there's the low valuation. Shares currently trade at a forward earnings multiple of less than 11. 

The company's future also looks brighter. SiriusXM, of which Liberty owns nearly 83%, raised its full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and free cash flow guidance in April. Liberty is also on schedule to split off its Atlanta Braves operation and create a new Liberty Live Group tracking stock this month. 

2. Bank of America

Most bank stocks have been hit hard in the wake of the failures of several U.S. banks earlier this year. Bank of America (BAC -0.21%) is no exception. Shares of the big bank have tumbled around 12% year to date.

But analysts expect a rebound. The average 12-month price target is nearly 23% higher than BofA's current share price.

Buffett appears to remain optimistic about Bank of America as well. He added to Berkshire's stake in the company during the first quarter of 2023.

Wall Street and Buffett don't always see eye to eye, but they agree about Bank of America. I suspect that's due primarily to two factors. First, the stock is attractively valued, with shares trading at only 8.3 times forward earnings. Second, BofA continues to deliver solid revenue and profit growth and maintains a strong balance sheet.

3. Citigroup

You can add another bank stock to the list of Buffett's favorite stocks these days. He also scooped up more shares of Citigroup (C 1.41%) in the first quarter.

Unlike Bank of America, Citigroup's share price is in positive territory so far in 2023. It's still down from the high set earlier this year, however. 

Wall Street is almost as bullish about Citigroup as it is about BofA. The consensus 12-month price target reflects an upside potential of almost 23%.

Citigroup is even cheaper than Bank of America, with the stock trading at around 7.4 times forward earnings. Its revenue and earnings continued to climb in the first quarter, like BofA. Citi's balance sheet also remains in good shape.

Is Wall Street right?

I'm not entirely convinced that these three stocks will be Buffett's biggest winners over the next 12 months. My view is that at least a couple of factors could cause Wall Street to be wrong.

First, it's possible that the U.S. will enter into a recession either later this year or in the first half of 2024. If this happens, other stocks in Berkshire's portfolio that are viewed as safe havens will likely outperform Liberty SiriusXM, Bank of America, and Citigroup.

Second, the effects of the banking crisis could linger longer than expected. I don't think Bank of America or Citigroup is at risk. But even the strongest banks could feel the downward pull if more issues are uncovered within the industry.

Ultimately, though, valuations matter. Even if Liberty SiriusXM, Bank of America, and Citigroup don't deliver the biggest gains for Buffett over the next 12 months, I think they should all make him plenty of money over the long run.