**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

(Reporting by Koyena Das)

((Koyena.das@thomsonreuters.com))