BTIG analyst James Sullivan downgraded CBL & Associates to Sell from Neutral with a price target of $2.50 after the company warned in its earnings call that a dividend cut in FY19 is possible. The analyst cites the REIT's declining same-store net operating income, capital needs of its portfolio, and a high debt load while re-negotiating its bank lines ahead of a maturing term loan facility next year. Sullivan adds that while CBL's guidance implies some improvement in the second half of this year, its "weaker sales productivity" suggests that the rebound will be more shallow than that of its peers, anticipating a dividend cut of 30%-50%.