StifelNicolaus & Co. Inc. analyst Nathan Isbee cut his investment opinion ofPennsylvania Real Estate InvestmentTrust to "hold" from "buy," with a price targetof $22.

Theanalyst wrote in a research report: "PEI has a done a strong job,in our view, of executing on its portfolio transformation goals through thedisposition of 14 lower productivity malls. While PEI shares are trading wellbelow our NAV estimate and valuation metrics are attractive, malls arecurrently in a difficult macro environment with negative sentiment due toconcerns about retailer bankruptcies, anchor closures, and changing shoppinghabits weighing on the sector. We believe there are "safer" mall REITinvestment opportunities given the uncertainty and headwinds facing the sector.Please see our 2017 mall outlook report published today for more details."