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Apple is a ‘safe haven’ for investors in a volatile world, analyst says

Key Points
  • Needham says investors will appreciate Apple's stability in an increasingly "chaotic global macro environment."
  • The firm reiterated its buy rating and $165 price target on the smartphone maker, representing 15 percent upside from Monday's close.
Apple Chief Executive Tim Cook visits an Apple store on Buchanan Street, Glasgow, Scotland, where staff gifted him a scarf and drawing, ahead of being awarded an honorary degree from the University of Glasgow.
Andrew Milligan | PA Images | Getty Images

Investors should buy Apple shares due to the strength of its balance sheet and ability to generate cash, according to Needham, which reiterated its buy rating and raised financial estimates on the smartphone maker.

"In the context of today's chaotic global macro environment, AAPL's enormous net cash balance … gives it the ability to survive most macro disruptions and the flexibility to execute strategic choices," analyst Laura Martin wrote in a note to clients Tuesday. "We raise our estimates for FY17 and FY18 as our survey data indicates higher demand for the 10th anniversary iPhone models."