UBS: Here are 7 cash-rich stocks to buy right now

UBS, however, thinks now is an opportunity to snap up some potential winners while they're down.

In a note to clients earlier this week, UBS strategist Julian Emanuel said that companies holding lots of cash on hand are morely likely to weather the diffculties.

"Cash enables canny corporate managers to be convex to volatility, raising the value of that cash, particularly should the Fed begin raising rates," said Emanuel. "Nowhere is this effect more noticeable than in the Health Care, Technology and Financial sectors, which have hefty warchests."

For his stock screen, Emanuel applies the "Rule of 15" : companies that have 15% of their assets in cash, whose stock has declined at least 15% since their highest point in 2015 and have a 15% or more upside based on UBS analysts' price targets. This yielded 22 stocks.

We have compiled the 7 stocks with more than 35% potential upside, and we include the percentages for the other "Rule of 15" categories.