Blackstone Secured Lending Fund upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Melissa Wedel upgraded Blackstone Secured Lending Fund to Overweight from Neutral with a price target of $28.50, up from $28. The firm says Q3 looks to be another fundamentally strong quarter for business development companies generally, driven by base rates that climbed incrementally higher from the prior quarter and a stable credit environment. Blackstone Secured has substantially out-earned its dividend, offers stable credit with a low non-accrual rate, and has one of the lowest borrowing cost profiles among peers, the analyst tells investors in a research note.