NEW YORK ( TheStreet) -- Telecommunications company MetroPCS ( PCS) was the worst-performing stock in the S&P 500 midday Monday.

The S&P was down 7.86 points to 1,361.77.

Shares of MetroPCS declined 5.87% to $9.94.

The stock was downgraded to market perform from outperform at Bernstein on Monday.

MetroPCS has an estimated price-to-earnings ratio for next year of 9.19 times; the average for mobile telecommunications companies is 18.76. For comparison, both Iridium Communications ( IRDM) and American Tower ( AMT) have higher forward P/Es of 10.22 and 31.98.

Seventeen of the 30 analysts who cover MetroPCS rated it hold. Twelve analysts gave the stock a buy rating and one rated it sell.

TheStreet Ratings gives MetroPCS a B- grade with a buy rating and $12.55 price target. The stock has risen 14.4% year to date.

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-- Written by Alexandra Zendrian

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