Its earnings and distribution forecasts for 2009 were both below market forecasts.
Westfield, which owns malls in Australia, New Zealand, the United States and Britain, managed to hold its dividend steady last year while many property rivals were cutting distributions to preserve cash.
It is now following suit.
ABN Amro Craigs broker Chris Timms said investors had been questioning how Westfield could remain immune to the global deterioration.
The company said operational segment earnings for the year to December 2009 would be between A97c and $A1 per share with strong growth from its Australian malls offsetting weakness in the United States, Britain and New Zealand.
Westfield forecast its distribution would also be between $A97c and $A1, down from $A1.065 in 2008, as it would not be able to augment its payout with gains from currency hedges.
ABN has a $A11.18 share target price on Westfield, down from $A15.59.
"Risks to our target price include a worse-than-expected global macro-economic factors such as a downturn in global consumer confidence that would adversely impact future retail sales."
Potentially, rent renewals, tenant bankruptcies, as well as a rapid increase in development costs or project delays that compressed returns for redevelopments could affect the target share price, Mr Timms said.
On the positive side, an acceleration of the development plan, growth in near-term US consumer spending or announcements around significant corporate acquisitions would help the company.
"We remain positively disposed to the long-term growth potential of Westfield through its clean balance sheet, opportunistic use of retail assets in joint ventures to lower the cost of capital and ability to fund a long-term development plan," he said.
