Following Unibail-Rodamco-Westfield's September quarter results, Ord Minnett notes tenant sales surpassed 2019 levels in the
US, while leasing activity went up and vacancies fell. However, 2021 earnings guidance was a -6% miss versus the analyst's estimate.

The broker retains a $4 target price and awaits await further deleveraging (potential US shopping centre disposals) before becoming more positive. The Sell rating is unchanged.

Sector: Real Estate.

Target price is $4.00.Current Price is $4.82. Difference: ($0.82) - (brackets indicate current price is over target). If URW meets the Ord Minnett target it will return approximately -20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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