As previously reported, Sandler ONeill analyst Alexander Goldfarb downgraded GGP (GGP) to Sell from Hold, as he believes the chances of a materially higher price bid from Brookfield (BAM) have decreased. He notes that a report this week that Brookfield may be interested in acquiring another REIT - Forest City Realty (FCE.A) - caused GGP to trade under the $23 level for the first time since November 10 and he now thinks $24 is likely the best offer for GGP. Absent a deal, the stock could trade back towards its pre-M&A level of $19, contends Goldfarb, who has a $22 price target on GGP shares.