ViacomCBS Inc. shares are on track to snap a five-day losing streak and an analyst sees reason for optimism ahead.

It has been a volatile stretch for Viacom shares VIAC, -3.90%, which surged more than 700% in the 12-month period leading up to last Tuesday, when the stock began a sharp five-day decline. With the stock price now down more than 50% from its earlier March highs, the risks to Viacom around cord-cutting and the demise of the television bundle remain well known, according to John Tinker, an analyst with G.research.