Warren Buffett has never held Wall Street analysts in the highest regard. He even told Berkshire Hathaway (BRK.A +0.21%) (BRK.B +0.22%) shareholders in 2003 that the only time he might have ever read an analyst report "was because the funny papers weren't available."
I suspect that the Oracle of Omaha couldn't care less about how analysts predict the stocks in Berkshire's portfolio will perform going forward. However, he could be in for some great news if they're right about one of the conglomerate's holdings. Meet the only Buffett stock that Wall Street thinks will soar over 70% in 2024.
Great expectations for Liberty Live Group
The average analysts' 12-month price target for Liberty Live Group Series A (LLYV.A +2.30%) shares is $56. This target reflects an upside potential of 72%.
NASDAQ: LLYV.A
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It's the most bullish outlook on Wall Street for any stock owned by Berkshire Hathaway. The only other Buffett stock that comes even close to such great expectations is Liberty Live Group Series C (LLYV.K +2.35%). The 12-month price target for the non-voting Series C shares for Liberty Live is roughly 68% above the current price.
Liberty Live Group is owned by Liberty Media. The two potential high-flying stocks over the next 12 months are tracking stocks that represent Liberty Media's interest in Live Nation Entertainment, the world's top live entertainment company.
I should point out one caveat with the impressive price target for Liberty Live, though. It reflects the view of only one analyst. Seaport Global really likes the prospects for Liberty Live, but it's the lone analyst surveyed by LSEG that covers the stock.
A Buffett stock with a couple of asterisks
Speaking of caveats, Liberty Live Group can be viewed as a Buffett stock only if we allow some flexibility in the definition of the term. I'd argue that it is a Buffett stock, but one with a couple of asterisks.
First, Berkshire didn't actually buy Liberty Live Group (the Series A or the Series C shares). The conglomerate picked up shares of the two tracking stocks in the third quarter of 2023 via spinoffs from its stakes in other Liberty Media stocks.
Second, it's unlikely that Buffett made the call to invest in any of the Liberty Media positions. The investments are believed to be managed by Ted Weschler, who --- along with Todd Combs -- is one of Berkshire's two investment managers other than Buffett.
Still, many people refer to any stock in Berkshire Hathaway's portfolio as a Buffett stock for good reason. Even if he wasn't personally involved in the decision to buy the stock, he owns it just as much as any other stock in Berkshire's portfolio through his 15.6% ownership of the economic interest in the giant holding company.
Is Liberty Live Group the best Buffett stock to buy?
Will Liberty Live Group stock actually skyrocket more than 70% in 2024? I don't know. What I do believe, though, is that it isn't the best Buffett stock to buy for long-term investors.
I don't have any huge knocks against Liberty Live Group itself. Instead, I simply think that there are better picks in Berkshire's portfolio over the next decade and beyond. Three especially come to mind.
My view is that Bank of America (BAC 1.49%) is a bargain at its current valuation. The company continues to rank among the top innovators in the financial services industry. It pays an attractive dividend. And it happens to be the second-largest holding in Berkshire's portfolio.
NYSE: BAC
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I also like Mastercard (MA 0.21%). The payment processing giant is poised to benefit from multiple tailwinds, including the ongoing shift from cash to digital payments, the growth in e-commerce, and the expansion of middle classes in emerging markets.
Finally, I think that Amazon (AMZN +0.30%) remains one of the strongest companies in the world. It has huge growth prospects with the artificial intelligence (AI) boom. The company's e-commerce business should continue to grow. Amazon is also moving into new businesses that provide growth opportunities.
I appreciate Seaport Global's optimism about Liberty Live Group. However, Bank of America, Mastercard, and Amazon -- as well as some others -- look like even better Buffett stocks to buy, in my opinion.
