According to John Kim at CLSA, Westfield's latest restructuring effectively addresses flaws that made the 2010 Westfield Retail spinoff a flop: the new Scentre Group becomes the pre-eminent Australia retail owner with its own management fee business and an ambitious new chief executive, Peter Allen. ''Westfield's earnings and net asset value growth is considerably stronger, and with a dual or US-listing in sight, will likely re-rate with or above global peers. We raise our Westfield price target by 1.5 per cent to $11.93 and reiterate outperform, but downgrade Westfield Retail Trust to underperform and $3.08 price target as shareholders absorb transaction costs, and a larger company that needs to establish additional joint ventures,'' Mr Kim said.