Although it was one of the ASX's top performing blue chip stocks in 2014, Credit Suisse has given Westfield Corp Ltd (ASX: WFD) an "underperform" rating and a price target of just $9. That compares to the stock's current $9.43 price tag, implying a 4.6% downside.
Since the global restructure of the Westfield chain last year, Westfield Corp and Scentre Group Ltd (ASX: SCG) have both handily outperformed the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO). Westfield Corp in particular has benefited from a depreciating Australian dollar versus the U.S. greenback while it is also set to benefit from the recovering U.S. and U.K. economies.
Despite Credit Suisse's bearish valuation, Westfield Corp could still be a great long-term investment to consider. In addition to its strong growth prospects, it's also tipped to pay a solid dividend yield (currently forecast to pay US 24.6 cents per security this year), which will only improve as the Australian dollar falls further.
