As previously reported, Sandler O'Neill analyst Alexander Goldfarb downgraded Federal Realty to Hold from Buy with a price target of $145, down from $150. After the company's preliminary FFO guidance range missed his expectation, Goldfarb cut his own FFO estimates for 2019 and 2020, though he said he "absolutely" agrees with the long-term approach management is taking with the portfolio. However, since Federal Realty's premium valuation is due in part to its ability to outgrow peers, Goldfarb does not see the stock outperforming at the current multiple, he noted.