NEW YORK (TheStreet) -- Shares of Viavi Solutions (VIAV) - Get Report are sliding 4.55% to $6.41 on heavy trading volume late Monday afternoon after B. Riley downgraded the stock to "neutral" from "buy," the Fly reports.
The firm also cut its price target to $6.75 from $8.25 on shares of the Milpitas, CA-based company.
B. Riley cited Brexit concerns as a reason for the lower rating and price target.
Early Friday, the U.K. decided to exit the European Union, which has prompted a global sell off.
Viavi is a provider of network and service enablement solutions and optical products for telecommunications service providers, wireless operators, cable operators, network equipment manufacturers and enterprises.
About 4.79 million of the company's shares changed hands so far today compared to its average volume of 3.24 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and good cash flow from operations.
But the team finds that the company's return on equity has been disappointing.
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: VIAV