Berkshire Hathaway's (NYSE: BRK.A) (NYSE: BRK.B) stock has rallied more than 20% over the past 12 months, and only trades about 3% below its all-time high. Warren Buffett's diversified conglomerate generated those steady returns even as inflation, elevated interest rates, and geopolitical conflicts rattled the broader markets.

Investors might be wary of chasing that rally, but Berkshire's Class B shares are still trading below Wall Street's target-price range of $465 to $506. Should investors load up on this evergreen stock before it reaches that lowest price target?

Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.

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Source Fool.com