UPDATE: Jefferies Lowers PT on Blackstone Group to $17

Jefferies is out with its report today on Blackstone Group (NYSE: BX), lowering its PT from $22 to $17.

In its report, Jefferies writes, "BX will report 3Q11 earnings on Thursday, October 20th. Portfolio valuations across PE and RE declined during the quarter as equity markets pulled-back, spreads widened, and the IPO environment stagnated. As a result, we are lowering our 3Q11 ENI estimate by $0.42 to -$0.03 and lowering our price target to $17 from $22."

Jefferies maintains Buy on BX.

At the time of posting, shares of BX were trading pre-market at $13.71, up 0.44% from Friday's close.