UBS lowered its price target for Berkshire Hathaway Inc. (BRK-B) to $593 from $597, though it maintained a "Buy" rating on the stock. The adjustment comes despite an increased third-quarter earnings per share estimate, which was driven by improvements in the company's insurance operations, including a better loss ratio at GEICO and reduced catastrophe losses for its reinsurance division. However, these positive developments were offset by expectations of lower margins at BNSF, Berkshire's railroad subsidiary, attributed to decreased volumes and higher fuel costs. UBS also noted that it does not anticipate any share repurchases in the third quarter, as the company's stock is trading in line with its intrinsic value. Another report on the same day highlighted that Warren Buffett has continued to sell shares of major holdings like Bank of America and Apple to invest in short-term Treasury bonds.