NEW YORK (TheStreet) -- Shares of ManpowerGroup (MAN) - Get Report are down 2.36% to $62.82 in late afternoon trading on Friday after Barclays slashed its rating on the stock to "equal weight" from "overweight."
The firm also cut its price target to $65 from $85 on shares of the Milwaukee-based provider of workforce solutions and services.
The downgrade and lower price target come in the wake of the U.K.'s decision last week to exit the European Union.
"While some amount of uncertainty can be beneficial to temp staffers, the potential negative impact of the Brexit far outweighs any benefits, in our view," Barclays wrote in an analyst note earlier today.
"As a result, and given MAN's 64% exposure to Europe, it only seems prudent for us to step to the sidelines as confidence in the magnitude and pace of the European recovery has decreased and will likely blunt the bumpy recovery that MAN has pointed to on its recent earnings calls," the firm added.
Earlier this week, Credit Suissedowngraded the stock to "neutral" from "outperform" due to Brexit concerns.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MAN