NEW YORK (TheStreet) -- Shares of ManpowerGroup (MAN) - Get Report closed down 9.3% to $60.34 on heavy trading volume Monday after Credit Suisse downgraded the stock to "neutral" from "outperform" earlier today.
The firm also reduced its price target to $73 from $88 on shares of the Milwaukee-based provider of workforce solutions and services.
The lower rating and price target come in the wake of the U.K.'s decision early Friday to leave the European Union.
"The U.K. comprises about 10% of MAN's revenue, and Credit Suisse economists expect the region to slip into a recession by later this year," the firm wrote in an analyst note.
"While the risk of contagion in the EU seems unlikely, with the 2nd largest economy in the EU potentially faltering, uncertainty could lead to lower client confidence in the region which comprises about 65% of MAN's revenue (incl. UK)," Credit Suisse said.
Additionally, BMO Capital Markets cut its price target on Manpower stock to $82 from $93, but maintained its "outperform" rating earlier today.
The new price target comes as the company has the most U.K. and European exposure in the firm's coverage universe.
But BMO Capital suggested investors take advantage of the stock's weakness.
About 3.93 million of the company's shares were traded today compared to its average volume of 736,424 shares per day.
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