As previously reported, Argus analyst Jacob Kilstein downgraded Vornado to Hold from Buy, saying he is unsure whether the recent REIT outperformance can continue after the Fed has signaled that the pace of expected interest rate cuts may slow. The analyst further cites earnings pressure coming from oversupply in the New York office segment and reduced retail industry demand as more consumers make purchases online. Kilstein lowers his FY19 and FY20 FFO forecasts by 21c and 26c to $4.04 and $3.74 respectively to reflect slower pace of rent increases, rising supply, and higher employee compensation costs.