VBA To Change Font Color In Cells Based On Value

I'm using some basic code below in an on Workbook Open event to format cells with a value less then 2 and less than 1 with a particular color.

The code works, but it really slows my worksheet down when opening. Is there better way to write this?

Code:

Dim myRange As Range
Dim cell As Range
Set myRange = Range("V6:V50000")
For Each cell In myRange
If cell.Value < 2 Then cell.Font.ColorIndex = 5
If cell.Value < 1 Then cell.Font.ColorIndex = 3
Next