Shares of Blackstone Group LP (BX) plummeted 6.97% in pre-market trading on Monday, as the private equity giant faces multiple headwinds. The sharp decline comes in the wake of reports that Blackstone has frozen the initial public offering (IPO) of Spanish gambling company Cirsa, coupled with a significant target price cut by Barclays.

According to sources cited by El Confidencial, Blackstone had initially planned to take Cirsa public after the Easter holiday. However, the firm has decided to halt the IPO due to recent stock market volatility. Instead, Blackstone is now considering a direct sale of Cirsa to another private equity firm. This strategic shift suggests that the company is reassessing its exit options in light of challenging market conditions, potentially impacting its investment strategy and near-term profitability.

Adding to the pressure on Blackstone's stock, Barclays has significantly reduced its target price for the company from $186 to $129. This substantial downward revision likely contributed to the negative sentiment among investors. The combination of the Cirsa IPO freeze and the target price cut has raised concerns about Blackstone's ability to maximize returns on its investments in the current economic climate. As one of the world's largest alternative asset managers, Blackstone's performance is closely watched as an indicator of broader private equity market health, and these developments may signal a more cautious approach to exits and potentially impact its financial results in the coming quarters.