Investors should stay away from companies with high euro exposure as the currency keeps sliding closer to parity with the dollar, CNBC's Jim Cramer said Friday.
"You have to really steer clear from companies that are 35-to-40 percent Europe, of which there are a bunch," Cramer said on "Squawk on the Street."
Cramer made his remarks after Goldman Sachs slashed its euro outlook on Friday, saying the currency will reach parity with the dollar within a year and will hit a record low by the end of 2017. The euro traded down about 1.1 percent at $1.0516 against the dollar, while the dollar index rose to 100.10, up 0.65 percent.
"If that's really the goal, you're going to see so many slashes that you're not going to want to own any company with an Intel-like exposure," Cramer added.
On Thursday, the chip manufacturer cut its quarterly revenue guidance by nearly $1 billion because of currency headwinds and poor demand for desktop upgrades.
"If we could see any surprise strength in the euro, I think that stabilizes things. If we continue to see the euro rolling over, then we're going to be back in the soup," Cramer said.