Westfield Group Ltd
(ASX:WDC) has been upgraded to a buy position by Deutsche Bank on the US dollar’s recent strength and the company’s growth expectations.
Deutsche Bank analysts say the shopping mall giant’s earnings and net tangible assets are positively leveraged and have upgraded it to a buy from a hold position with a target of $13.40.
They believe the company’s earnings and net tangible assets will benefit from the strengthening in offshore currency.
The US dollar has strengthened against the Australian dollar in recent weeks as investors move into the greenback on concerns about Europe’s debt crisis.
Deutsche Bank says Westfield’s earnings per share growth is likely to emerge in calendar 2011, potentially at a greater rate than market expectations.
For the 12 months to December 30, 2009, Westfield Group booked a loss of $457.8 million.
