Warren Buffett doesn't make investing decisions based on what Wall Street analysts think. He knows what he wants in a given stock. If he ever needs any advice, he can turn to his longtime business partner Charlie Munger.

However, analysts certainly think highly of many of the investing decisions that Buffett has made. And they're especially bullish about a few of his picks. Here are the three Buffett stocks that Wall Street thinks will be the biggest winners over the next 12 months.

1. Liberty Live Group

Buffett is a big fan of entertainment company Liberty Live Group (LLYV.A -0.14%) (LLYV.K). Berkshire Hathaway (BRK.A -0.76%) (BRK.B -0.69%) owns 19.8% of the company's Series A shares and 17.5% of the Series C shares that trade under the LLYVA and LLYVK tickers, respectively.

Liberty Live Group mainly consists of Liberty Media's (LSXMA -0.90%) (LSXMB -0.37%) ownership stake in live event promoter and ticket sales management company Live Nation. Its Series A and Series C shares are tracking stocks for Liberty Media's interest.

Both of these entertainment stocks have rebounded strongly after sinking throughout much of 2023. There's only one analyst surveyed by LSEG that covers Liberty Live Group -- Seaport Global. However, this lone analyst thinks that the Series A shares can skyrocket nearly 60% over the next 12 months with the Series C shares close behind.

2. Liberty SiriusXM

Berkshire is also a major shareholder in Liberty SiriusXM (LSXMA -0.90%) (LSXMK -0.53%). The giant conglomerate owns 20.6% of the Series A shares and 19.8% of the Series C shares, which trade under the LSXMA and LSXMK tickers, respectively.

If you didn't already know, these stocks are also tracking stocks of Liberty Media. In this case, they trade the performance of Liberty Media's interest in satellite radio leader Sirius XM Holdings (which happens to be another stock that Buffett recently bought for Berkshire's portfolio).

Both Liberty SiriusXM stocks have plunged more than 30% year to date. Some on Wall Street believe they'll make a comeback, though. Six of the eight analysts surveyed by LSEG in November who cover Liberty SiriusXM Series A recommend the stock as a buy or strong buy. The average price target reflects an upside potential of 39%.

Of the two analysts surveyed by LSEG that cover the Series C stock, one rates it as a buy and the other has it as a hold. The average of their 12-month price targets is 42% higher than the current share price.

3. Liberty Formula One

This might sound like a different verse of the same song. Berkshire owns shares of yet another Liberty Media tracking stock that Wall Street likes. In this case, it's Liberty Formula One Series C (FWON.K 0.72%). As you might have guessed from the name, the stock tracks Liberty Media's ownership interest in racing's Formula One Group.

Berkshire's stake in Liberty Formula One Series C totals only 3.7%. The stock was a big winner for Buffett in the first half of 2023 but has since given up most of its gains.

There's an interesting dynamic with respect to Wall Street's view of Liberty Formula One. Only one of the four analysts surveyed by LSEG in November rated the stock as a buy with the others recommending holding it. However, the consensus 12-month price target, which also includes the opinions of six other analysts, reflects an upside potential of nearly 33%.

Is Wall Street right about these Buffett stocks?

I wouldn't be surprised if all of these Liberty Media tracking stocks perform relatively well over the next 12 months, assuming the overall stock market rises. However, I wouldn't bet on them hitting Wall Street's bullish price targets.

My personal view is that there are even better Buffett stocks to buy than these three. And they don't have "Liberty" in their names.