As previously reported, Sandler O'Neill analyst Alexander Goldfarb downgraded Taubman Centers to Hold from Buy and is proactively trimming his estimates given that 12 of the 17 stores that Forever 21 continues to operate in the U.S. amid its bankruptcy are in Taubman malls. Based on previous landlord commentary, it seemed as though Forever 21 was proactively working with landlords to restructure stores in advance and would pursue a prepackaged bankruptcy where the landlords were on board, but that doesn't seem to be the case, Goldfarb tells investors. Goldfarb lowered his price target on Taubman Centers shares to $41 from $50.