KeyBanc downgraded Brandywine Realty Trust BDN from Buy to Hold.
KeyBanc commented, "We are downgrading BDN (BDN-NYSE) to HOLD from BUY due to the stock's significant outperformance in 2012 (+1910 basis points vs. the office sector) and a more balanced outlook for internal and external growth. Following many quarters of strong execution and regained management credibility, BDN's performance may have hit a short-term peak in 2012. While we continue to see the potential for upside through the deployment of the Company's strengthened balance sheet (i.e., $242 million of cash on hand), a 2H12 misstep surrounding leasing and occupancy guidance are reminders that execution remains paramount."
Brandywine Realty Trust closed at $12.53 on Wednesday.
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