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NEW YORK (
International Game Technology(IGT) was the worst-performing stock in the
S&P 500 on Friday morning.
The S&P 500 was gaining more than 6 points, or 0.46%, to 1,335.
Shares of International Game Technology lost 3.17% to $14.64. The stock gained 14% on Thursday to close to $14.15 on news the company plans to buy back $1 billion of stock. On Friday, the stock received an upgrade to neutral from underperform from analysts at Bank of America Merrill Lynch.
"Our Underperform rating on IGT was largely predicated on poor capital allocation (Double Down and R&D investments) but we see signs of both improving capital allocation and improving capital discipline," Bank of America Merrill Lynch analysts wrote in a report Friday. "Together, these are likely to set a floor for shares, and with valuation still low, we upgrade from Underperform to Neutral."
International Game Technology trades at an estimated price-to-earnings ratio for next year of 16.99 times; the average among its peers is 16.72.
Fourteen of the 23 analysts who cover International Game Technology rated it buy. Eight analysts gave the stock a hold rating and one rated it sell.
The stock has fallen 14.94% year to date.