Blackstone Group LP (BX) shares tumbled 5.28% in pre-market trading on Friday, as investors reacted to a series of developments affecting the alternative asset management giant. The sharp decline comes amid a price target reduction by a major Wall Street firm and reports of potential asset sales.

BofA Global Research cut its price objective on Blackstone from $219 to $207, signaling potential headwinds for the company. While the reasons for the downgrade were not immediately clear, such moves by prominent research firms often impact investor sentiment and trading patterns, especially in pre-market hours.

Adding to the market's concerns, Bloomberg News reported that Blackstone is considering the sale of two AirTrunk data centers in Australia. The company is reportedly exploring the divestment of facilities in Sydney and Melbourne for approximately 2 billion Australian dollars ($1.24 billion) each. While asset sales are common in Blackstone's business model, the timing and scale of this potential move may have caught some investors off guard, contributing to the pre-market sell-off.