The largest U.S. initial public offering (IPO) of 2015 was First Data Corp. (NYSE: FDC), which raised just over $2.5 billion in October on the sale of $160 million shares at $16 each. That total came despite the fact that the IPO priced almost 30% below the midpoint of its expected range.

First Data, the world’s largest processor of credit and debit card payments, serving over 6 million business locations across 118 countries, has not traded at or above its IPO price on any day so far this year. The company posted a fourth-quarter loss after markets closed Wednesday and the stock notched up a new post-IPO low on Thursday.

Analyst reaction was a little mixed. Here’s a look at changes following the earnings report:

• Barclays cut its price target from $20 to $14 and has an Overweight rating.
• Credit Suisse raised its rating from Neutral to Outperform but cut the price target from $20 to $12.
• Deutsche Bank cut its price target from $20 to $16 with a Buy rating.
• Mizuho lowered its price target from $20 to $17 with a Buy rating.
• Oppenheimer cut its price target to $16 from $20.
• Stifel reduced its price target from $18 to $12 with a Buy rating.

Shares recovered somewhat on Friday, closing up 8.9% at $9.44 in a post-IPO range of $8.37 to $17.99. The consensus price target is $16.66.

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