Blackstone Secured Lending Fund price target lowered to $32.25 at Compass Point

Compass Point analyst Casey Alexander lowered the firm’s price target on Blackstone Secured Lending Fund (BXSL) to $32.25 from $33.50 and keeps a Buy rating on the shares. The firm, which notes it has characterized Blackstone Secured Lending as “the Costco of the BDC space,” still thinks it has the best combination of characteristics for investing in a BDC in the current economic climate. However, it is reducing its target multiple given the headwind from declining base rates.