UPDATE: Oppenheimer Downgrades Cirrus Logic to Perform on Balanced Risk/Reward

Oppenheimer reduces its rating on Cirrus Logic CRUS from Outperform to Perform and removes its price target of $30 a share. Oppenheimer comments, "CRUS remains one of the best pure plays on the growth and success of AAPL. We continue to expect CRUS to retain its sole-source position with AAPL through at least 2012 while enjoying material content increase in upcoming devices. We believe 1Q (June) is tracking in-line and that 2Q (Sept.) could grow 30%-plus Q/Q. CRUS shares are up 88% YTD vs. the SOX up 6% and sit near a 52-week high, making meaningful upside surprise difficult to achieve. With AAPL on track to exit CY12 as an 80%-plus customer, we believe risk/reward is balanced and are moving to the sidelines." CRUS closed at $29.85 on Friday.