DA Davidson analyst James Lykins downgraded Urstadt Biddle to Neutral from Buy and lowered his price target to $23 from $24, citing the "sharp" selloff in the stock price after the company's Q3 earnings because of a 150bp decline in occupancy and 0.9% drop in same-store net operating income. The analyst adds that in the absence of near-term catalysts, sentiment may continue to suffer, especially since the REIT's recently signed anchor leases will not likely begin paying rent until well into next year. Lykins also points to a "meaningful number of larger spaces" that are currently vacant.