NEW YORK (
was the worst-performing stock in the
The S&P 500 was rising almost 17 points, or 1.29%, to 1,334.
Shares of Western Digital fell 1.34% to $33.75. The stock was downgraded to equal weight from overweight by Barclays analysts on Tuesday.
Western Digital trades at an estimated price-to-earnings ratio for next year of 3.59 times; the average for computer hardware companies is 16.2. For comparison,
has a higher forward P/E of 11.96.
Twelve of the 22 analysts who cover Western Digital rated it buy; 10 analysts gave the stock a hold rating.
The stock has risen 9.18% year to date.
-- Written by Alexandra Zendrian
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