BUZZ-Brandywine Realty Trust down after J.P. Morgan downgrades to 'underweight'
Brandywine Realty Trust's shares fell 4% to $3.33 after J.P. Morgan downgraded its rating to 'underweight' from 'neutral'. The downgrade is due to expected large move-outs by IBM in Austin and challenges in leasing larger projects. The company's balance sheet is stretched, and there is uncertainty about when catalysts will emerge to address these issues. Two out of six brokerages rate the stock as sell or higher, with a median price target of $5. The stock has declined 40% year-to-date.
Shares of Brandywine Realty Trust (BDN.N) down about 4% at $3.33 in morning trading
J.P. Morgan downgrades to “underweight” from “neutral” rating
Brokerage says co to face large move-out of IBM in Austin in the coming years
Company’s balance sheet is stretched and larger development projects have been challenged on the leasing side - JPM
Brokerage says it doesn’t have conviction around when the catalysts will emerge to turn some of the challenges around
Two out of six brokerages rate the stock sell or higher, three hold; median PT is $5 - data compiled by LSEG
As of last close, stock down 40% YTD
