Shares in Scentre Group (ASX: SCG) have enjoyed a strong start to their short history with shares having climbed 5.7% since debuting on the ASX last Wednesday. Having traded at a low of $3.075 that day, the shares are now priced at $3.25, giving the company a market capitalisation of $17.31 billion.
Scentre Group and Westfield Corp (ASX: WFD) were formed last week as part of the restructure of Westfield Group and Westfield Retail Trust. Scentre Group now owns and operates all of Westfield’s Australian and New Zealand assets while Westfield Corp owns and manages each international asset.
Although many of Westfield Retail Trust’s security holders were against the proposal leading into the vote, it seems investors are now coming to terms with the business’ future prospects. Indeed, the restructure will allow both entities to focus on their own developments which should unlock greater shareholder returns going forward.
Citi currently maintains a ‘Buy’ recommendation on the stock with a price target of $3.55. That represents a 9.2% upside from today’s price and could well be a better buy than many other stocks listed on the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO).
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