Blackstone Secured Lending Fund initiated with a Buy at Truist

Truist initiated coverage of Blackstone Secured Lending Fund with a Buy rating and $29 price target. Blackstone Secured is a business development company that invests primarily in the debt of private U.S. companies, the analyst tells investors in a research note. The firm says the company invests in floating rate debt with a sharp concentration at the upper end of the capital structure, meaning that it benefits from higher interest rates and also that it is “heavily cushioned” against credit losses.