Westfield Group

Westfield Group (WDC) has a $18.50 share price target and it is upgraded to Buy from Hold from Australian stock analyst Macquarie Research Equities.

Westfield Group (WDC) : Playing Hide and Seek

A place to hide; upgrading to Buy — With the recent share price decline, we upgrade Westfield to Buy from Hold. Westfield represents good value compared to Australian REIT peers given its relatively lower earnings risk, good valuation discount, quality assets, and low re-financing risk. Westfield is also attractive relative to Global peers.

Westfield Group (WDC) is upgraded to Buy from Hold and it's target share price has downgraded to $18.50 from Australian stockmarket analysts from Citi.

Westfield Group (WDC) : Playing Hide and Seek

With the recent share price decline, we upgrade Westfield to Buy from Hold. Westfield represents good value compared to Australian REIT peers given its relatively lower earnings risk, good valuation discount, quality assets, and low re-financing risk. Westfield is also attractive relative to Global peers.

Westfield Group (WDC) are extremely well positioned and has a $19.79 share price target from Australian stock analyst Macquarie Research Equities

Westfield Group (WDC) Earnings robust in uncertain environment

Superior operator in an uncertain environment:

Westfield Group (WDC) has a price target of $19.79 from Australian stock analyst UBS.

Westfield Group (WDC) Domestically strong, US seasonal

Esteemed operator in an uncertain environment:

Westfield (WDC) has a reinstated Buy rating (from Hold) and an unchanged $23 share price target from analyst Citigroup Investment Research. Westfield shares have had recent price weakness and in the analyst's view this presents a buying opportunity. The analyst thinks Westfield represents good value relative to the large cap stapled securities in the Australian REIT sector. The development pipeline is robust and the retail environment for Regional Malls remains favourable. Variance in consensus EPS is high relative to the REIT sector, suggesting possible upside to earnings revisions. The analyst's Citigroup US REIT team recently upgraded Regional Mall REITs Simon and General Growth to Buy. Westfield remains good value relative to US peers, with an unjustifiably higher implied cap rate at 5.7% versus the US Regional Mall average of around 5.4%. This property developer is well hedged from weaker US dollar currency: Westfield has about 45% US assets, but with a large natural hedge (US denominated debt), and distribution hedging, the impacts of short term currency fluctuations are negligible. Development upside not priced in – A A$4.6bn pipeline is reported, though the true figure is significantly higher. In FY06, the income yield on development cost was at a substantial 380bps spread to the valuation yield. The current share price doesn't factor in enough value for Westfield's development capability and ongoing efficiency in capital use that can drive sector high EPS growth.

Westfield Group (WDC) have a Neutral 1 Shares Recommendation and a $20.15 share price target from stock analyst UBS. Their price target is based on a 2.5 percent property income growth and $1.5 to 2 billion worth of developments per year with no acquisitions. Westfields have sold 50% of Merry Hill and the surrounding land to QIC for GBP524m, 11% above total cost & 5.8% above carrying value. Westfield will retain property management, leasing &development rights of the centre. Current yield on sale was 4.3% (CY06 income, less centre mgt fees). Medium term development potential is dependant upon a "Black Country Govt study (6-12mths)" deeming Merry Hill with Regional Centre status.

Stockbroker Citigroup have maintained their Buy, Medium Risk (1M) rating for the Westfield Group (WDC) stock with a share price target of $19.03. WDC have announced their 1HY06 NPAT of $3.376 billion which reflected the increased value of their portfolio. The company result was inline with Citigroup's expectations. Westfield has 100 percent control on the £1.6 billion White City project. Expected yield for the project is now lowered to 5.25 to 5.75 percent due to delayed construction and design changes.

UBS currently has a Neutral 1 rating for this company's stock which is currently trading around $17.07 with a target of $19.06. Westfield Group (WDC) is due to report their full year result on Monday 20th February 2006. UBS believes that the market expects management to also announce their revised dividend policy.UBS values WDC at $18.23 on a 1yr DCF price target unchanged with their $18.61 DCF fair value is unchanged. Have a look at your charts...