NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Report are sliding 1.84% to $91.69 in mid-afternoon trading on Monday as Britain's decision on Friday to leave the European Union exacerbates concerns about slowing iPhone sales. 

The U.K. might negatively impact Apple's earnings since new phones sold are the "primary driver" of stock price, Needham wrote in a note cited by Barron's. Europeans could delay upgrading their iPhones by 12 months if the U.K. and/or the EU go into recession, the firm explained.

But Apple has "little valuation risk" because the stock trades at just 5x EBITDA and has a price-to-earnings ratio of 11x, Needham noted.

(Apple is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Apple's strengths such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: AAPL

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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