** Blackstone Digital Infrastructure Trust's BXDC.N shares up 3% to $22.50 on Mon after analysts at investment banks that underwrote last month's IPO start coverage following end of quiet period

** "Blind pool" REIT aiming to acquire newly built data centers leased to hyperscalers, and externally managed by Blackstone BX.N, went public on May 14 at $20 and raised $2 bln, including full exercise of the greenshoe

** Deutsche Bank initiates at 'buy' and $24 PT, saying it's "confident" that BXDC will identify and execute on attractive M&A opportunities in the near-term given the size of the addressable market along with "pent-up demand from developers to exit stabilized assets"

** JP Morgan starts at 'neutral' with $23 PT, pointing to BXDC's proprietary pipeline of deals as a strategic advantage and first-mover status, adding execution is "paramount" to its long-term value

** Moffett Nathanson begins with 'neutral' and $21 PT

** BXDC will be a consistent issuer of equity, introducing significant risk to its acquisition-driven business plan, which could create a negative feedback loop if its shares ever trade at a discount to fair value, Moffett Nathanson writes in note

** Other research initiations include: RBC ('outperform', $24 PT); Barclays ('overweight', $24 PT), Wells Fargo ('overweight', $26 PT), BMO ('market perform', $23 PT)

** Alternative asset manager Blackstone bought $200 mln of IPO shares, and agreed to waive management fees for the first six months to provide BXDC time to deploy the capital