JPMorgan downgraded Brandywine Realty (BDN) to Underweight from Neutral without a price target The company’s balance sheet is “stretched” and its larger development projects have been challenged on the leasing side, the analyst tells investors in a research note. The firm says Brandywine will also face the large move-out of IBM in Austin in the coming years. JPMorgan does not have conviction around when share catalysts will emerge to turn some of the company’s challenges around.
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