KKR is trading at $87.73, down 4.13%, amid weakness across alternative-asset managers and cautious positioning ahead of Q3 results. - Apollo, Blackstone, Ares and Blue Owl were also lower; supplied market context showed only modest index losses, not a broad-market selloff as the main explanation. - Recent analyst target reductions and concerns about softer third-quarter realizations added pressure. TD Cowen lowered its target to $103 from $118, maintaining a Hold rating.