Blackstone Group LP (BX) shares plummeted 5.04% in Tuesday's trading session, following a series of price target cuts by major financial institutions. The significant downward revision in price targets has sparked concerns among investors about the company's near-term growth prospects.

Several prominent banks have adjusted their outlook on Blackstone. Deutsche Bank lowered its price target to $161 from $194, while maintaining a Buy rating. Citigroup made a more substantial cut, reducing its target to $137 from $190. Wells Fargo also joined the trend, decreasing its price target to $139 from $160 and maintaining an Equalweight rating.

The wave of price target reductions comes amid broader market volatility, partly triggered by recent geopolitical tensions and economic uncertainties. While Blackstone continues to be a leader in the alternative asset management space, these adjustments suggest that analysts are adopting a more cautious stance on the company's valuation in the current market environment. Investors will be closely watching Blackstone's upcoming financial results and management commentary for further insights into the company's performance and outlook.