Shares of Warren Buffet's Berkshire Hathaway Inc. surged 1.4% in afternoon trade, after J.P. Morgan recommended investors buy ahead of the company's annual meeting over the weekend. "We think the recent pullback in the stock presents an attractive entry point and the annual meeting should be a positive catalyst," analyst Sarah DeWitt wrote in a note to clients. The Class B shares had closed Thursday at $191.61, or 11.8% below their Feb. 1 record close of $217.25. The annual meeting on Saturday comes after Berkshire reports first-quarter results after Friday's close. DeWitt said she believes valuations are "attractive," the company could report "strong" earnings and Buffet will be "upbeat" as usual. "This is because Warren Buffet is typically upbeat about opportunities at the underlying businesses, his health, and is hungry to deploy excess cash for acquisitions," DeWitt wrote. The stock has lost 7.1% over the past three months, while the SPDR Financial Select Sector ETF has declined 7.2% and the S&P 500 has slipped 3.8%.