BofA Downgrades Cirrus Logic Over Higher Apple Exposure

BofA analyst Vivek Arya downgraded Cirrus Logic Inc CRUS to Underperform from Neutral with a $92 price target, implying a 4.3% upside.
Arya is "impressed" with management's ability to innovate organically and drive new content growth. Still, he believes the stock upside potential is limited with the shares trading "well above the multiple smartphone exposed peers."
Further, Cirrus is most exposed to customer concentration risk with 80% Apple Inc AAPL exposure versus 25%-55% for peers, Arya notes.
Price Action: CRUS shares traded lower by 4.74% at $84 in the premarket session on the last check Friday.