Derek Hewett, an analyst from Bank of America Securities, maintained the Buy rating on Blackstone Secured Lending Fund. The associated price target remains the same with $33.50.
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Derek Hewett has given his Buy rating due to a combination of factors that highlight Blackstone Secured Lending Fund’s strong financial positioning and potential for growth. Despite a modest EPS miss, the fund demonstrated robust credit quality and maintained solid liquidity, which are crucial in navigating market volatility. The portfolio’s defensive nature, with a high percentage of lower-risk first lien senior secured investments, positions BXSL well to generate strong risk-adjusted returns.
Additionally, the fund’s non-accrual investments were significantly lower than the industry average, indicating strong credit management. The stable NAV per share and attractive dividend yield further support the Buy rating. Moreover, the fund’s financial flexibility is enhanced by a significant portion of unsecured debt and substantial liquidity, which provides a buffer against potential market fluctuations. These factors collectively suggest that BXSL is well-positioned to capitalize on future opportunities, justifying the Buy recommendation.
Hewett covers the Real Estate sector, focusing on stocks such as Starwood Property, AGNC Investment, and Safehold. According to TipRanks, Hewett has an average return of 6.4% and a 63.01% success rate on recommended stocks.