You can 'delete' a favorite from your favorites list. Deleting takes effect in two ways:
If you are the owner of the item, deleting permanently deletes the favorite. It also deletes it from any users you had shared it with and any folders it was placed in. You can only permanently delete your own items, unless you are an administrator.
If you 'delete' an item that has been directly shared with you, you are only removing it from your view. This action deletes your access to it but does not delete the item from the original owner, or remove it from anyone else's view. If an item has been shared with you via a folder you cannot delete your view of that item.
You can delete a existing favorite from two locations in Phocas:
From the Manage Favorites page: Click the Phocas menu button > Favorites >Manage Favorites. Locate the favorite and click its the Delete button (on the far right side) and click Yes to confirm.
From your homepage: Locate the favorite and click the menu button (on the far right side), then click Delete and click Delete to confirm.